Even before the wedding season began, gold and silver prices began to decline. In the last one week, the spot price of 24 carat gold has dropped by 83 grams to Rs 50416 per 10 grams. At the same time, silver is very cheap. The silver position was Rs. On November 20, silver at bullion markets closed at Rs 62027. Talking about the decline so far in November, gold is cheaper by Rs 433. On October 29, the gold price was Rs 50840 per 10 grams. In contrast, silver is priced at Rs 2101 per kg. On October 29, silver was trading at Rs 59926.
5847 is cheaper than maximum gold
On August 7, gold opened at 56254 in bullion markets. If it is at its peak, silver will be worth Rs 76008 per kg. That is, gold is cheaper from its all-time high of Rs. Silver was trading at Rs 13,981, up from its August 7 peak.
The gold and silver movement in November so far
| Date | Gold Rate (Rs / 10g) |
Silver Rate (Rs / kg) |
| 20 November 2020 | 50407 | 62027 |
| 19 November 2020 | 50344 | 61505 |
| 18 November 2020 | 50627 | 62605 |
| 17 November 2020 | 51054 | 63386 |
| 16 November 2020 | 51246 | 64101 |
| 13 November 2020 | 50849 | 62700 |
| 12 November 2020 | 50702 | 62797 |
| 11 November 2020 | 50708 | 62440 |
| 10 November 2020 | 50665 | 61784 |
| 09 November 2020 | 52420 | 66052 |
| 6 November 2020 | 52473 | 65845 |
| 05 November 2020 | 51532 | 62799 |
| 04 November 2020 | 51306 | 61243 |
| 03 November 2020 | 51242 | 62250 |
| 02 November 2020 | 51037 | 61867 |
| 29 October 2020 | 50840 | 59926 |
Source: IBJA
Five Reasons for a Price Decline
- Dollar weakness against other currencies including Rupee
- Positive news about Corona being vaccinated
- The US government prepares assistance to small industries
- Political uproar on a global scale
- China’s tensions with other countries, including India and the US
In the next one year, gold may be 60 thousand
Anuj Gupta, vice president (commodity and currency) of angel broking, says gold prices are falling globally due to positive news about the corona vaccine. In spite of this, gold is expected to reach 57 thousand to 60 thousand per 10 grams over the next one year, if the current low is observed. They say investing in gold in the long run is a lucrative business.
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However, they say one must do a thorough investigation before investing. Experts say that apart from improving the global economy and easing tensions in the US-China, the stock trend has increased. The trend on gold is down. In such a situation, there is no expectation of a sharp jump in gold in the coming days.
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