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After a four-day decline, gold prices surged in India on November 7, driven by global uncertainty caused by the US government shutdown and a weak dollar. Silver also rebounded, with domestic rates touching ₹1,52,600 per kilogram.
Gold Prices Rise Again After Four Days of Decline
New Delhi: After experiencing a continuous decline for four days, gold prices rose again today, November 7th. This is welcome news for investors as gold has become more expensive once again.
In the capital city of Delhi, 24-karat gold has increased to ₹122,730 per 10 grams, while 22-karat gold has reached ₹112,510 per 10 grams.
This surge in gold prices is being observed not only in India but also in global markets. The US government shutdown has become the longest on record, increasing uncertainty in financial markets. In such situations, investors turn to safe-haven assets, and gold is considered a safe investment.
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Furthermore, the weakness of the US dollar has also pushed up the prices of gold and silver. When the dollar weakens, gold becomes cheaper internationally, leading to increased demand.
There are slight variations in gold prices across different cities in India. City 22 Carat (₹/10 grams) 24 Carat (₹/10 grams)
| City | 22 Carat Gold (₹/10g) | 24 Carat Gold (₹/10g) |
|---|---|---|
| Delhi | 112,510 | 122,730 |
| Mumbai | 112,360 | 122,580 |
| Ahmedabad | 112,410 | 122,630 |
| Chennai | 112,360 | 122,580 |
| Kolkata | 112,360 | 122,580 |
| Hyderabad | 112,360 | 122,580 |
| Jaipur | 112,510 | 122,730 |
| Bhopal | 112,410 | 122,630 |
| Lucknow | 112,510 | 122,730 |
| Chandigarh | 112,510 | 122,730 |
It is clear from this that gold prices are almost the same in all major cities of the country, with only a difference of a few rupees.
Goldman Sachs has predicted that the price of gold could reach $4,900 per ounce by December 2026. ANZ Bank, on the other hand, estimates that it will reach $4,600 per ounce by the middle of next year.
Gold’s recent firmness is closely linked to international trends.
DSP Merrill Lynch also believes that the gold rally is not yet over, meaning that gold prices may remain at high levels in the coming months as well.
Like gold, silver prices have also increased. In India, silver reached ₹152,600 per kilogram on November 7th. In the international market, the spot price of silver has reached $48.60 per ounce.
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Both gold and silver prices depend on global economic conditions, the strength of the dollar, and investor demand. Therefore, the US shutdown and the weakness of the dollar are directly impacting prices in India as well.
