Gold Price Today (1 November); What is the price of gold and silver today? Business News | Came below 61 thousand, silver also fell by more than 13 hundred rupees
Today i.e. on Karva Chauth (1 November), there has been a decline in the prices of gold and silver. According to the website of India Bullion and Jewelers Association (IBJA), the price of 24 carat gold in the bullion market has fallen by Rs 474 to Rs 60,896 per 10 grams. Whereas the price of 18 carat gold has remained at Rs 45,672.
Apart from this, a big decline has also been seen in the price of silver today. It has slipped by Rs 1,340 to Rs 70,825 per kg. Earlier it was at Rs 72,165.
Gold became costlier by more than Rs 3,600 in October
There was a spectacular rise in the prices of gold and silver in the month of October. Last month, a rise of Rs 3,651 was seen in the price of gold. At the beginning of October i.e. on October 1, it was at Rs 57,719 per 10 grams, which reached Rs 61,370 on October 31. Whereas silver has come down from Rs 71,603 per kg to Rs 72,165.
Major reasons for the rise in gold prices in the past few days
- There will be strong demand for gold in the domestic market till Diwali. Then a lot of gold will be purchased during the wedding season. This is providing support.
- The latest military conflict between Israel and Hamas amid the already ongoing Russia-Ukraine war has increased uncertainty across the world.
- The market feels that increasing interest rates in America will stop now. This is the biggest positive sign for gold.
Gold can go up to Rs 62 thousand by Diwali
Gold and silver prices are expected to continue rising in the international and domestic markets as well. Anuj Gupta, Head of Commodity and Currency, HDFC Securities, said that bond yields are decreasing in the international market and the dollar is weakening. This will continue to support gold.
Apart from this, demand for festivals will increase in the domestic market. After this the wedding season will start. In such a situation, increase in demand will affect the prices. Due to this, gold can go up to 62 thousand and silver up to 75 thousand by Diwali.
