Gold Price Drops by ₹4000 – Here's the Latest on Gold and Silver Rates
Amid the ongoing wedding season, gold prices have unexpectedly taken a significant dip, contrary to the usual trend of price hikes due to high demand. On November 28, gold rates saw another sharp decline, making it cheaper by ₹4000 from its all-time high. Let’s take a closer look.
Gold Prices Today (Per 10 Grams)
According to the India Bullion and Jewelers Association, here are the current gold rates:
- 24 Carat Gold: ₹75,916
- 23 Carat Gold: ₹75,612
- 22 Carat Gold: ₹69,539
- 18 Carat Gold: ₹44,411
Silver Prices Today
- Silver Price: ₹87,197 per kilogram
Gold Futures Update
The decline in gold futures prices has been attributed to weak spot demand and a sluggish global market trend. On the Multi Commodity Exchange (MCX):
- December delivery contracts fell by ₹141 or 0.18%, to ₹76,375 per 10 grams.
- Total traded lots: 11,730.
Market analysts point to weak global cues as the primary reason for this drop in prices.
Silver Futures Update
Silver prices have also seen a downward trend in futures trading:
- December delivery contracts fell by ₹656 or 0.75%, to ₹87,024 per kilogram.
- Total traded lots: 9,771.
Globally, silver prices in New York dropped by 0.72%, to $29.88 per ounce.
Why Are Prices Dropping?
Despite increased gold purchases during the wedding season, the weak global market sentiment and low spot demand have kept prices subdued. This trend offers a unique opportunity for buyers to invest in gold and silver at lower rates.
Should You Buy Now?
With prices dipping significantly, this might be an opportune moment for those planning gold or silver purchases, especially for weddings or investments. However, keep an eye on market fluctuations and global trends before making a big purchase.
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