Gold Price Update: Gold crossed Rs 1,24,400 and silver reached Rs 1,55,380! Will this rise last long or will the downtrend begin now? Know the latest rates and experts’ analysis of Delhi, Mumbai and other cities.
New Delhi. Gold and silver prices are constantly under discussion in India. On Wednesday, gold price stabilized slightly after three days of rise and is now trading at ₹1,24,380 per 10 grams. At the same time, the price of silver has increased further to ₹ 1,55,380 per kg. In the last few months, gold has given excellent returns to investors. It is now on track for its strongest annual gain since 1979. The main reasons behind this surge are interest rate cuts in America, weakness in the dollar, and increasing purchases of gold by central banks.
Has gold now reached its peak or will it rise further?
Rick Deverell, chief economist at Macquarie Group, says the gold market is now close to its “short-term peak”. He estimates that there may be some decline in gold prices next year. He wrote, “Gold’s near-term peak has arrived due to improvement in global growth, stable interest rates and reduction in US-China tensions.” At present, gold is trading around $4,140 per ounce in the international market. In India it has crossed ₹1.24 lakh per 10 grams, leaving small investors wondering whether this is the right time to invest or not.
City wise gold prices (Gold Price in India Today)
- Delhi: ₹1,23,940 per 10 grams
- Mumbai: ₹1,24,015 per 10 grams
- Chennai: ₹1,24,520 per 10 grams (highest)
- Kolkata: ₹1,23,990 per 10 grams
- Bengaluru: ₹1,24,250 per 10 grams
mcx (Multi Commodity Exchange) December futures price was recorded at ₹ 1,23,905, showing a slight decline.
Dazzle of silver – crossed Rs 1,55,380 per kg!
According to India Bullion Association, the spot price of silver has reached ₹ 1,55,380 per kg. At the same time, December futures are trading at ₹ 1,54,789 per kg. Due to continuously increasing demand and industrial use, silver remains strong.
What is the signal for investors?
Experts say that gold still remains a safe investment in the long run, but some decline is possible in the short term. If international interest rates rise or the dollar strengthens, an improvement in prices may be seen.
Gold is shiny, but invest carefully
Gold prices are close to historical levels. Deciding whether to buy now or wait depends on the investor’s perspective. Market experts advise that for now it would be better to wait for some stability before making big investments.