Kolkata: Gold prices depend on a lot of factors both in the domestic market as well as those on the global stage. The demand of the yellow metal in India is tepid now and the prices are also crawling down. If the demand rise in the domestic and/or global markets, the price of gold could rise again.
One of the reasons why gold prices remain more or less stable is because for centuries people consider the metal as a safe haven instrument. As a result, whenever there is uncertainty in the market and volatility in the equity markets, gold prices firm up. Today, Nov 15, gold prices crawled down a bit and silver went down by about Rs 4,000.
According to market data, the price of 24-carat (999) gold stood at Rs 12,508 per gram on Nov 15 — recording a decline of Rs 196 from the previous level. On the other hand, the price of 22-carat gold, with a purity level of 91.67%, is Rs 11,465 per gram. The price of 18-carat gold is Rs 9,381 per gram, indicated data from GoodReturns.
Gold price in different cities
Gold prices remained more or less consistent across major cities in India on Saturday, Nov 15. Chennai was the city that recorded the highest price for 24-carat gold — Rs 12,806 per gram. Delhi was at the second spot — Rs 12,718. In Mumbai, Kolkata, Bengaluru, Hyderabad, Kerala and Pune, 24-carat gold remained stable at Rs 12,703 per gram. Similar trends were observed for 22-carat gold the price of which was hovering at Rs 11,644 in most cities. Again Chennai accounted for the highest price at Rs 11,739. Vadodara and Ahmedabad recorded Rs 11,649.
Decline in the white metal too
On Nov 15, there was a marked decline in silver prices too. The dip was of Rs 169 per gram and Rs 169,000 per kg. This represents a decline of Rs 4,000 from the previous price level. Thus both the white and yellow metal prices remained subdued. Analysts like investors are watching the price line closely.
Gold and silver rates are determined by a complex combination of factors. Both are considered as safe haven metals. Silver has the added tailwind of high demand from new generation industries such as EV and renewable power. On the other hand, a lot of rise in the price of gold has been due to the aggressive buying of gold by various central banks of the world, some of which are trying to find another medium to store value other than the US dollar. The central bank of China is a prime example. The strength or weakness of the dollar also directly impacts gold prices, as gold is traded in dollars and India imports a lot of gold every year.
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