Today’s Gold Rate: Mumbai, Delhi, Chennai, Kolkata. Gold price today: MCX gold rate falls below ₹74,000 per 10 grams; silver price drops by ₹1,100.
Gold, silver rate today on November 14 in Mumbai, Delhi, Chennai, Kolkata: Here are latest prices in other cities.
Gold and Silver Price Update: November 14, 2024
Gold and silver prices have been under pressure recently, influenced by the strengthening of the US dollar and rising bond yields, alongside concerns about future Federal Reserve interest rate cuts.
Here’s a detailed breakdown of the current market situation for precious metals:
Gold Prices
- MCX Gold: On November 14, gold futures on the MCX (Multi Commodity Exchange) opened sharply lower by ₹609 (0.82%) at ₹73,873 per 10 grams.
- International Gold: Spot gold prices were flat at $2,573.73 per ounce, after earlier touching a two-month low. US gold futures dropped by 0.3% to $2,578.00.
- Recent Decline: Gold has seen a significant decline recently, falling by 3.8% in the past week and 5% over the last ten days, largely due to a stronger US dollar and higher bond yields.
- Support and Resistance Levels: According to analysts, MCX Gold has support at ₹73,500 and faces resistance at ₹75,600. On the international front, support is seen at $2,550 and resistance at $2,610.
Silver Prices
- MCX Silver: On November 14, silver prices were down by ₹1,067 (1.20%), trading at ₹88,130 per kg on the MCX.
- International Silver: Silver prices, like gold, have been pressured by the strength of the US dollar and rising bond yields. The silver rate in India was ₹89,420 per kg on November 14, reflecting a decline from ₹92,370 a week ago.
- Recent Movement: Silver prices have also been under significant pressure, declining by 3.2% over the past week and 4.8% over the past 10 days.
Factors Impacting Gold and Silver Prices
- Stronger US Dollar: The US Dollar Index recently surged by 0.1%, reaching a level of 106.55, its highest since November of the previous year. The stronger dollar makes precious metals more expensive in other currencies, exerting downward pressure on gold and silver prices.
- Rising US Bond Yields: The rise in bond yields, driven by expectations of slower interest rate cuts by the Federal Reserve, has also weighed on gold and silver. Gold tends to perform poorly in high-yield environments as investors shift to bonds for better returns.
- US Economic Data: Recent US inflation data showed an uptick, which may lead to fewer interest rate cuts in 2025. This has added to the pressure on gold and silver prices.
- Bitcoin Surge: The rally in Bitcoin to new record highs (over $89K) has also diverted investment away from precious metals, adding to the decline in gold prices.
Gold and Silver Prices in Key Indian Cities (November 14, 2024)
- Mumbai:
- Gold (24K): ₹74,620 per 10 grams (down from ₹75,070 on November 13)
- Silver: ₹89,420 per kg (down from ₹89,440 on November 13)
- Kolkata:
- Gold (24K): ₹74,520 per 10 grams (down from ₹74,970 on November 13)
- Silver: ₹89,300 per kg (down from ₹89,320 on November 13)
- Delhi:
- Gold (24K): ₹74,490 per 10 grams (down from ₹74,940 on November 13)
- Silver: ₹89,260 per kg (down from ₹89,280 on November 13)
- Chennai:
- Gold (24K): ₹74,810 per 10 grams (down from ₹75,290 on November 13)
- Silver: ₹89,620 per kg (down from ₹89,700 on November 13)
Futures Market
- MCX Gold Futures (December 2024): ₹74,456 per 10 grams
- MCX Silver Futures (December 2024): ₹89,222 per kg
Outlook
- Bearish Trend: Gold prices are currently on a downward trajectory, breaking key support levels. Analysts are expecting prices to potentially reach the $2,550 level in the international markets, with MCX Gold possibly testing the ₹73,500 support level in the coming days.
- Inflation and Economic Data: Investors are awaiting key US economic reports, such as the Producer Price Index (PPI) and weekly jobless claims, which could provide more insight into future interest rate decisions and economic conditions.
Today’s Gold Rate: Mumbai, Delhi, Chennai, Kolkata
Both gold and silver are facing pressure due to a stronger US dollar, rising bond yields, and the potential for slower Federal Reserve rate cuts.
Investors are advised to watch the upcoming economic data closely, as it will be crucial in shaping the direction of these precious metals in the near term.