Gold price up by Rs 1000 in just ten days in November

Source :Sify
Last Updated: Wed, Nov 10th, 2021, 20:24:50hrs
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Gold Bar

Mumbai | Chennai | New Delhi: Gold prices have increased by a margin of Rs 1,000 across key Indian cities according to data tracked by Sify.com.

Price for the 22 Karat variant is up by Rs 605 while 24 Karat Gold is up by Rs 650.

Gold prices quoted by associations across Chennai, Kerala, Mumbai, Delhi, Ahmedabad, Bengaluru, Kolkata, Hyderabad and even the Gulf saw a marginal uptick for Wednesday after remaining high through the first ten days of the month of November.

Gold price has picked up by a margin of 4-5 percent across major cities of India.

A renewed interest has been seen in the yellow metal during Diwali and Dhanteras according to several jewellers and associations. International markets have seen the same interest continue after the five day festival.

US Spot Gold for instance raced off to a nearly three month high of $1,832.42 today before slipping.

Investors and traders have attributed the sudden rush to the US Fed's timeline of tapering bond purchases. There is a likelihood of Gold prices trading on the slightly upper side until the US Fed announces a decision on interest rate hikes.

Currently, the US Fed has been following an accomodative stance but continues to monitor interest rates and jobs data. The market believes that the US Fed may retain interest rates at near zero which had been decided at the start of the pandemic. However, should interest rates be hiked, Gold prices may witness some negative momentum.

Image attributed to Michael Steinberg sourced from Pexels.com. 
 

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