gold price today: If you’ve been waiting for a better deal on gold, this week might be bringing a welcome trend. As of the morning of November 6th, major Indian cities, including Delhi, Mumbai, Chennai, and Kolkata, have witnessed a consistent drop in gold prices. This marks the fourth consecutive day of declining rates, leaving many investors and customers wondering if now is the right moment to make a purchase or if prices will slide further.
In the national capital, Delhi, the price for 10 grams of 24-carat gold has settled at approximately ₹1,21,620. For those considering 22-carat gold, a popular choice for jewellery, the price is now around ₹1,11,490 per 10 grams. This downward trend isn’t isolated to the capital; it’s a pattern being seen across the country’s major bullion hubs.
Gold Rates at a Glance: Major Cities (as of November 6th)
| City | 22-Carat Gold (per 10 gm) | 24-Carat Gold (per 10 gm) |
|---|---|---|
| Delhi | ₹1,11,490 | ₹1,21,620 |
| Mumbai | ₹1,11,340 | ₹1,21,470 |
| Chennai | ₹1,11,340 | ₹1,21,470 |
| Kolkata | ₹1,11,340 | ₹1,21,470 |
| Ahmedabad | ₹1,11,390 | ₹1,21,520 |
| Hyderabad | ₹1,11,340 | ₹1,21,470 |
| Jaipur | ₹1,11,490 | ₹1,21,620 |
The softening isn’t limited to gold. Silver has also become more affordable, with its price dipping to about ₹1,50,400 per kilogram. This represents a drop of nearly ₹500 from the previous day, continuing a similar four-day decline.
What’s Behind the Price Drop?
Market analysts point to a couple of key factors driving this trend. The primary reason is a weakness in the global gold market, combined with a strengthening US Dollar. Since gold is priced in dollars internationally, a stronger dollar makes it more expensive for holders of other currencies, which can dampen demand and pull prices down.
Furthermore, the current volatility in oil prices and ongoing global discussions about future interest rate decisions are creating an atmosphere of caution. Domestically, the post-festive season lull might also be playing a role, with many potential buyers adopting a “wait and watch” approach to see if the market stabilizes at a new floor.
The Big Question: What’s Next for Gold Prices?
The million-dollar question remains: is this a temporary dip or the start of a longer correction? Experts suggest that while the international market remains volatile, the current decline could present a strategic buying opportunity for long-term investors. However, they also caution that prices could see further fluctuations based on upcoming economic data. For anyone considering an investment, this period offers a chance to buy at a lower price point than last week, but as with any market, there are no absolute guarantees.
People Also Ask (Based on Google Searches)
Q: Why are gold prices falling in India?
A: Gold prices in India are primarily falling due to a drop in international gold prices. This is largely driven by a stronger US Dollar and shifting global investor sentiment away from safe-haven assets like gold amid changing economic forecasts.
Q: Is it a good time to buy gold now?
A: A period of falling prices can be a good opportunity for investors and buyers who have been waiting for a lower entry point. However, since markets are unpredictable, it’s always wise to consider your financial goals and consult with a financial advisor rather than trying to time the market perfectly.
Q: Will gold prices go down further after Diwali?
A: Historically, gold demand and prices can soften slightly after the peak festive season of Diwali. However, global factors often outweigh seasonal trends. The current dip is more closely linked to international events than the festival, so its future trajectory will depend on those global cues.
Q: How are silver prices linked to gold?
A: Silver often follows the price trend of gold as both are considered precious metals and are influenced by similar macroeconomic factors, such as the strength of the US Dollar, inflation expectations, and global market volatility. This is why we often see both metals moving in the same direction.
Fact Check:
The gold and silver prices mentioned are representative of bullion market trends as reported on November 6th. It is important to note that prices can vary between jewelers and include making charges and taxes not reflected in the pure bullion rate. All figures are sourced from domestic market reports.