Gold up by ₹1,400, Silver by ₹4,000: Check the latest rates for the day after Diwali

On the MCX, gold has become costlier by ₹1,400 and silver by ₹4,000 today. Find out the current rates for gold and silver.

Gold and silver prices saw an upward trend on Monday, November 9. On the MCX, the price of gold rose by approximately ₹1,400 per 10 grams, while the price of silver increased by ₹4,000 per kilogram. Precious metals have found support today due to a softening in crude oil prices and a weakening dollar.

However, despite the market rally, investors are faced with a question: should they buy gold and silver now, or would it be better to wait for a few days? Let’s explore this question and also look at the current rates.

What are the prices of gold and silver today?

On Monday, gold on the MCX rose by ₹1,400 to reach ₹1,43,933 per 10 grams. Meanwhile, silver is trading at ₹1,88,979 per kilogram, marking an increase of ₹4,000.

Prices for both metals also saw an upward trend in the international market. Spot gold rose by approximately 1.6% to reach $4,129.69 per ounce, while silver recorded a gain of about 2.8%, standing at $53.31 per ounce.

How did the decline in oil prices have an impact?

The primary reason behind the rise in gold and silver prices is the softening of crude oil rates. When crude oil is expensive, there is a fear of rising inflation. In such a scenario, the US Federal Reserve might maintain high interest rates or even increase them. When interest rates are high, investors tend to reduce their allocation to gold, as the metal does not generate any interest.

However, the decline in oil prices has raised expectations that inflationary pressure will ease. Concurrently, the dollar has weakened. A weaker dollar makes gold more affordable for buyers in other countries. Both these factors have provided support to gold and silver.