Gold Rate Today, November 11: Prices of gold and silver rose in India on Tuesday for the second consecutive day, amid expectations of a resolution to the US government shutdown and growing anticipation
of rate cuts in the US Fed’s December meeting. In Mumbai, the price of 24-carat gold stood at Rs 1,23,830 per 10 grams, while 22k gold was available at Rs 1,13,510 per 10 grams. These rates do not include GST and making charges. Silver was available at Rs 1,57,100 per kg.
On the MCX, gold was up by 0.94% to trade at Rs 1,25,135 per 10 grams for the December 5 contracts in the futures market, while silver was trading higher by 1.16% to trade at Rs 1,55,450 per kg.
What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On November 11?
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 1,13,660 | Rs 1,23,980 |
| Jaipur | Rs 1,13,560 | Rs 1,23,880 |
| Ahmedabad | Rs 1,13,000 | Rs 1,23,270 |
| Pune | Rs 1,13,510 | Rs 1,23,830 |
| Mumbai | Rs 1,13,510 | Rs 1,23,830 |
| Hyderabad | Rs 1,13,510 | Rs 1,23,830 |
| Chennai | Rs 1,13,510 | Rs 1,23,830 |
| Bengaluru | Rs 1,13,510 | Rs 1,23,830 |
| Kolkata | Rs 1,13,510 | Rs 1,23,830 |
Rahul Kalantri, vice-president (commodities) of Mehta Equities, said, “Gold and silver opened the week on a strong note, hitting a 3-week high. Expectations of a resolution to the US government shutdown and growing anticipation of rate cuts in the December Fed meeting supported the rally. Weakness in the dollar index triggered profit-taking, while safe-haven demand further boosted prices. Fed Governor Stephen Miran also suggested a larger 50 bps rate cut to address rising unemployment and sluggish inflation. JP Morgan expects gold prices to remain supported longer term, projecting levels above $5,000 next year due to continued central bank buying.”
What Factors Affect Gold Prices In India?
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.
In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.
With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.
(With inputs from agencies)
