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Gold-Silver Price 14 Nov: The price of gold in the Delhi bullion market jumped by a whopping ₹3,000, reaching ₹1,30,900 per 10 grams. Silver prices also saw a significant increase of ₹7,700.
Gold-Silver Price 14 Nov: Gold and silver prices witnessed a historic surge in Delhi’s bullion market on Thursday. Gold prices surged by ₹3,000 per 10 grams in a single day, surprising investors. Silver also followed suit, rising by ₹7,700 per kilogram. Strong international cues and the weakness of the US dollar are being cited as the main reasons behind this sharp rise.
New Gold and Silver Prices
According to the All India Sarafa Association, the price of 99.9 percent pure gold in the Delhi bullion market rose by ₹3,000 to ₹1,30,900 per 10 grams. This was the third consecutive trading day in which gold prices registered an increase. In the previous trading session, on Wednesday, gold with 99.9 percent purity closed at ₹1,27,900 per 10 grams. Meanwhile, the price of 99.5 percent pure gold also jumped by ₹3,000, from ₹1,27,300 to ₹1,30,300 per 10 grams.
Silver prices saw a bigger jump than gold. On Thursday, silver prices rose by ₹7,700 to ₹1,69,000 per kilogram (including all taxes). On Wednesday, silver had closed at Rs 1,61,300 per kg, up by Rs 5,540.
Why this historic surge?
Several international factors are at play behind this unprecedented surge. The biggest reason is the weakness of the US dollar. The dollar index, which measures the dollar’s strength against six major currencies, fell 0.20 percent to 99.30. This decline came after the Donald Trump administration passed a bill to end the record 43-day shutdown. A weak dollar directly supports the prices of precious metals like gold. Traders say the end of the US shutdown also strengthened gold’s appeal as a safe-haven investment.
Strong surge in the international market
This surge in the domestic market is mirroring the international markets. In the international spot market, gold rose by $41.19, or 0.98 percent, to reach $4,236.84 per ounce. Meanwhile, in foreign trade, spot silver was trading at $53.86 per ounce, up 1.13 percent.
Experts Explain Reasons for the Rise
Saumil Gandhi, Senior Analyst (Commodities) at HDFC Securities, said the bullion market continued to rally, supported by a weak dollar. Furthermore, weak macroeconomic data from the world’s largest economy (the United States) has raised expectations of further interest rate cuts, boosting gold’s luster.
He also noted that the Federal Reserve is likely to inject more liquidity into the banking system to alleviate the partial liquidity shortage caused by the shutdown. This move has also had a positive impact on precious metals.
Saumil Gandhi, commenting specifically on silver, said that silver has surged strongly this week, gaining more than 10 percent so far. Several factors are behind this surge, including expectations of interest rate cuts, supply concerns, strong industrial and investment demand, and strong technological momentum. However, Sandeep Raichura, CEO and Director of Retail Broking and Distribution at PL Capital, offered a slightly cautious view. He said that global tensions have eased and there may be some difficulties in the future due to US agreements with India and other major countries, which may keep a check on bullion prices.
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