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Discover the Latest Rates in Your City – goldsilverpress

On Friday, November 22, 2024, gold prices experienced a significant surge, jumping by ₹1,190 per 10 grams across major Indian cities. This marked the fourth consecutive day of gains for the precious metal, driven primarily by escalating geopolitical tensions stemming from the ongoing Russia-Ukraine conflict. As investors flock to safe-haven assets, gold has seen a notable uptick in demand, even as the US dollar has strengthened.

Geopolitical Factors Driving Gold Prices

Recent reports indicate that Russia has intensified its military actions by firing an intercontinental ballistic missile at Ukraine, further escalating the already high geopolitical tensions in the region. Such developments typically lead to increased demand for gold, as investors seek to protect their wealth from potential market volatility and economic instability. The safe-haven appeal of gold has been a historical trend during times of crisis, and the current situation is no exception.

Global Gold Market Trends

In early Asian trading, spot gold was reported at $2,689 an ounce, reflecting a 0.73% increase. The metal fluctuated between $2,668 and $2,689 during overnight trading, showcasing the volatility often associated with global market reactions to geopolitical events. Despite the strengthening of the US dollar, which usually exerts downward pressure on gold prices, the heightened demand for gold as a protective asset has allowed prices to rise.

Gold Prices in India: November 22, 2024

In India, the gold market responded positively to the global trends. In Delhi, the price of 24K gold rose to ₹78,970 per 10 grams, while 22K gold reached ₹72,400 per 10 grams. Notably, the gold markets in Mumbai were closed on Wednesday due to assembly polls, which may have contributed to the fluctuations observed in the region.

Gold Prices Across Major Indian Cities

City
22K Gold (per 10gm)
24K Gold (per 10gm)

Delhi
₹72,400
₹78,970

Mumbai
₹72,250
₹78,820

Chennai
₹72,250
₹78,820

Kolkata
₹72,250
₹78,820

Silver Prices: A Different Trend

While gold prices surged, silver saw a slight decline, dropping by ₹100 to ₹92,000 per kg in major Indian cities. This decrease can be attributed to weak demand from industrial sectors and losses in futures trading. In global markets, spot silver rebounded by 0.64% to $30.98 an ounce, with fluctuations between $30.73 and $31.01 during overnight trading.

Silver Prices Across Major Indian Cities

City
Silver Price (per kg)

Delhi
₹92,000

Mumbai
₹92,000

Chennai
₹101,000

Kolkata
₹92,000

Weekly Comparison of Gold and Silver Prices

The recent surge in gold prices is particularly noteworthy when compared to earlier in the week. The ongoing demand for gold as a safe-haven asset has been a significant factor in its price increase, while silver has struggled due to waning demand.

Price Comparison for Gold and Silver

Date
22K Gold (per 10g)
24K Gold (per 10g)
Silver Price (per kg)

Nov 22
₹72,250
₹78,820
₹92,000

Nov 21
₹71,160
₹77,630
₹92,100

Nov 19
₹69,960
₹76,320
₹89,400

Nov 18
₹69,340
₹75,640
₹89,400

Nov 15
₹69,340
₹75,640
₹89,400

Conclusion

The recent surge in gold prices reflects the complex interplay of geopolitical tensions and market dynamics. As the situation in Ukraine continues to evolve, investors are likely to keep a close eye on gold as a safe-haven asset. Meanwhile, silver’s decline highlights the differing trends in precious metals, influenced by industrial demand and global market conditions. As we move forward, the precious metals market will remain a focal point for investors navigating these turbulent times.

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