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Gold Rate Today, November 3: Prices of gold and silver rose on Monday, on fresh buying by stockists and jewellers. In Mumbai, the price of 24-carat gold stood at Rs 1,23,170 per 10 grams, while 22k gold was available at Rs 1,12,900 per 10 grams. These rates do not include GST and making charges. Silver was available at Rs 1,54,000 per kg. What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On November 3? 22K Gold (per 10gm) 24K Gold (per 10gm) Rs 1,13,030 Rs 1,23,320 Rs 1,13,030 Rs 1,23,320 Rs 1,12,930 Rs 1,23,220 Rs 1,12,900 Rs 1,23,170 Rs 1,12,900 Rs 1,23,170 Rs 1,12,900 Rs 1,23,170 Rs 1,12,900 Rs 1,23,170 Rs 1,12,900 Rs 1,23,170 Rs 1,12,900 Rs 1,23,170 Gold prices have retreated about 10% from a record high of $4,381.21 hit on Oct 20, as the dollar climbs to a near three-month high. “There’s a lack of upside momentum (in gold) due to some technical factors and the dollar remains pretty resilient so that has a negative impact on gold,” OANDA senior market analyst Kelvin Wong said, according to Reuters. The Fed cut interest rates by 25-bps on October 29 for the second time this year. Traders now see a 71% chance that the Fed will cut rates again in December, down from over 90% before Powell’s remarks, as per CME’s FedWatch Tool. Non-yielding gold thrives in a low-interest-rate environment and during economic uncertainties. Investors have their eyes on other news, including ADP employment data and ISM PMIs this week, for economic indicators that could alter the Fed’s hawkish stance. “Safe-haven play has been reduced at this point in time, over the de-escalation of U.S.-China trade tensions,” Wong added. What Factors Affect Gold Prices In India? International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country. In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals. With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends. (With inputs from agencies)
