gold price today
Gold-Silver Price Today: On the morning of Tuesday, November 4, a slight decline was recorded in the prices of gold and silver in the domestic market. The strength of the dollar and uncertainty over the policy of the US Federal Reserve have put pressure on both these metals. At 10:20 am, gold in December futures on Multi Commodity Exchange (MCX) fell 0.68% to ₹ 1,20.583 per 10 grams. At the same time, silver fell by 0.66% and was trading at ₹ 1,46,783 per kg.
Gold was rising for the last few days, but now investors have started booking profits. This means that the investors who had already bought gold are withdrawing their profits by selling it at the current higher prices.
Today gold rates (10 grams) in major cities of India
Pressure on gold due to dollar strength
The international price of gold is always fixed in US dollars. When the dollar strengthens, gold becomes expensive in other currencies, which reduces demand. The dollar index rose almost 0.20% today to 100.05, its highest level in the last three months. The reason for this increase is the perception in the market that the US Federal Reserve will not cut interest rates anytime soon.
In October, the Fed reduced interest rates for the second time this year, but Chairman Jerome Powell indicated that further cuts were unlikely. This is the reason why gold prices are not seeing a big rise at present.
condition of silver
After facing decline for the last fifteen days, now silver has again shown a rise. After Monday, silver prices have declined on Tuesday. Today silver on MCX is ₹146783. It is trading per kilogram.
Why is the demand for silver increasing?
Now silver is not limited to just jewelery or coins. Today it has become an important metal for industries. Silver consumption is increasing everywhere in mobiles, computers, solar panels, electronic equipment and automobile parts. It is estimated that now about 60-70% of silver is used in the industrial sector.