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After a short-lived uptick, gold and silver prices dropped across India on November 8. Delhi, Mumbai, Chennai, and other cities saw marginal declines, while global trends suggest temporary weakness before a potential long-term rally.
Gold and Silver Prices Fall: A Downturn After a Brief Surge
New Delhi: Gold and silver prices fell across India on November 8th. While gold saw a slight increase on Friday, prices dropped again on Saturday morning. Gold prices have decreased in almost all major cities, including the capital, Delhi.
Let's take a detailed look at the gold and silver rates across the country and the reasons behind the decline.
In the capital, Delhi, the price of 24-karat gold today, November 8th, is ₹122,160 per 10 grams, which is slightly lower than Friday's price. The price of 22-karat gold is ₹111,990 per 10 grams. It is clear that there has been a slight decrease in the demand for gold after the festive season, which has directly impacted prices.
Gold and Silver prices surge across major cities; Is this the right time to invest?
In the major metropolitan cities of Mumbai, Chennai, and Kolkata, the price of 22-karat gold today is ₹111,840 per 10 grams, while the price of 24-karat gold is ₹122,010 per 10 grams. Gold prices remain almost the same in these cities. Experts believe that the softening of global gold prices has also affected the Indian markets.
Price variation in metro cities
In Pune and Bengaluru, 24-karat gold is selling at ₹122,010 per 10 grams and 22-karat gold at ₹111,840 per 10 grams today. A decrease in gold prices has also been recorded in these cities.
In Ahmedabad and Bhopal, the price of 24-karat gold is ₹122,060, while in Jaipur, Lucknow, and Chandigarh, it is ₹122,160 per 10 grams. On average, there has been a decrease of ₹100–₹200 per 10 grams in all these cities.
Gold prices continue to fluctuate in the international market. Currently, the spot price of gold is at $3,996.93 per ounce. Investment bank Goldman Sachs has projected that gold could reach $4,900 per ounce by December 2026, while ANZ Bank estimates that it will reach $4,600 per ounce by the middle of next year. Analysts say that the gold rally is not entirely over, but rather this fall is a temporary dip.
Like gold, silver prices have also seen a decline. Today, the price of silver is ₹152,400 per kilogram. In the global market, the spot price of silver is recorded at $48.48 per ounce. According to experts, the dollar index and international economic conditions directly impact the prices of these precious metals.
Gold rates drop marginally across India; Is this the right time to buy?
Overall, both gold and silver prices have fallen in the Indian market today. However, experts believe that this decline is temporary and that gold may rebound in the long term.
