Gold rates rise over 1%, while silver gains marginally on MCX. Check 24K and 22K gold rates in Delhi, Mumbai and other cities: Live Updates
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Business News›Markets›Stocks›Live Blog›Gold Rates Today (November 5) Live: Gold, silver jump up to 2% on MCX. What should investors expect next?
Gold Rate Today (November 5) Live Updates
Gold Price Today Live: Gold and silver prices rallied up to 2% on the MCX, rebounding amid improved investor sentiment and renewed buying interest in the precious metals.
Gold prices rose nearly 2% to a two-week high on Thursday, supported by a weaker US dollar and declining Treasury yields following a strong Democratic performance in the US midterm elections.
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,07,200/8 grams while pure gold (24 carat) prices stand at Rs 1,16,936/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,07,080/8 grams while pure gold (24 carat) prices stand at Rs 1,16,816/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,07,080/8 grams while pure gold (24 carat) prices stand at Rs 1,16,816/8 grams.
Gold Price today in Delhi
Gold Price today in Mumbai
Gold Price today in Chennai
1 New Update
The recovery in bullion extended beyond gold, with silver, platinum and palladium also recording gains. The broad-based advance points to renewed buying interest across precious metals amid shifting currency movements, bond yields and geopolitical developments.
A decline in the US dollar and Treasury yields has improved the appeal of gold for international investors. A weaker dollar makes bullion cheaper for buyers using other currencies, while lower yields reduce the opportunity cost of holding the non-interest-bearing metal.
Citi has set a three-month price target of $4,500 an ounce for gold, citing potential upside if the Strait of Hormuz reopens and tensions involving Yemen and Saudi Arabia ease by year-end. The forecast reflects the bank's expectations of a possible improvement in geopolitical conditions.
Investors are awaiting the US nonfarm payrolls report for clues on the Federal Reserve's next policy move. With markets pricing in a high probability of a December rate hike, employment data could influence interest rate expectations and the outlook for gold.
Gold could extend its recovery towards $4,200 and subsequently $4,400 if investment flows and movements in bond yields remain supportive, according to XS.com market analyst Linh Tran. However, the metal's ability to sustain levels above $4,000 remains crucial.
Gold prices climbed to a two-week high, recovering above the key $4,000-an-ounce mark as the US dollar weakened and Treasury yields declined following the Democratic gains in the midterm elections. The recovery has brought renewed attention to bullion's near-term price trajectory.