Gold Rate MCX:- Gold and silver prices are fluctuating daily. On November 20th, they remained subdued amid cautious moves in global markets. However, domestic demand remained strong due to the peak wedding season in India. In India, 24-carat gold remained at ₹12,469 per gram, while 22-carat gold was available at ₹11,430 per gram. Silver was trading at ₹165 per gram, or ₹1.65 lakh per kg. By 2:20 pm on MCX, gold and silver were trading down by more than 0.50%.
Why the pressure in global markets?
In the international market, spot gold fell 0.4% to $4,064 per ounce. US gold futures also fell 0.5%. Silver also traded down by more than 1%. This decline is linked to a stronger dollar and diminishing expectations of a potential rate cut by the Federal Reserve in December. Kelvin Wong, Senior Market Analyst at OANDA, says that expectations for a rate cut have diminished significantly over the past two weeks. He believes that gold could remain below $4,100 in the short term, with prices likely to trend towards $4,000-$3,980.
5 Reasons for the Fall in Gold Prices
The US dollar continues to strengthen, making gold more expensive for other countries.
Expectations for a December rate cut by the Fed have declined from 50% to ~33%, thus reducing safe-haven demand for gold.
The delay in the US non-farm payrolls report has increased market uncertainty and weakened gold.
Concerns about Japan’s carry-trade unwinding have caused global market volatility and pressure on gold.
What are the latest gold rates today?
23-carat gold has become cheaper by ₹999, reaching ₹122,389 per 10 grams. After adding GST, the price has reached ₹126,060, excluding making charges. Meanwhile, the price of 22-carat gold has fallen by ₹919, reaching ₹112,559 per 10 grams. With GST, it is ₹115,935. Additionally, 18-carat gold fell by ₹752 to ₹92,161 per 10 grams. With GST, its price has reached ₹94,925 per 10 grams. Furthermore, 14-carat gold prices rose by ₹587. It opened at ₹71,885 and is now trading at ₹74,041 including GST.