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After continuous decline, the prices of gold and silver have once again picked up the pace of rocket. The price of 24 carat gold in the capital Delhi today, on November 12, reached the level of ₹ 1,25,980 per 10 grams. Not only in Delhi, the prices of gold and silver are skyrocketing in all the big cities of the country. Investors who were considering the recent decline as a buying opportunity are now facing increased prices.
After all, what happened suddenly that gold and silver became so expensive again? The reason behind this is directly related to America.
A sign from America made gold ‘gold’
The biggest reason behind this sharp rise is a big signal from the US central bank, the Federal Reserve.
Federal Reserve Governor Stephen Miron has indicated a major cut in interest rates by 0.50% to deal with rising unemployment and slow inflation in the US.
How does this work?
When interest rates fall in the US, the dollar weakens. When the dollar weakens, it becomes cheaper for investors from other countries to buy gold, which increases its demand and causes prices to skyrocket. This is the reason why this one signal from the US Fed has once again made gold and silver the favorite of investors.
Gold price in big cities of the country today (12 November)
Let us know what is the price of 10 grams of gold today in 10 big cities of the country:
| City | 22 carats (10 grams) | 24 carat (10 grams) |
| Delhi | ₹1,15,510 | ₹1,25,980 |
| Mumbai | ₹1,15,360 | ₹1,25,850 |
| Kolkata | ₹1,15,360 | ₹1,25,850 |
| Chennai | ₹1,15,360 | ₹1,25,850 |
| Bengaluru | ₹1,15,410 | ₹1,25,880 |
| Lucknow | ₹1,15,510 | ₹1,25,980 |
| Jaipur | ₹1,15,510 | ₹1,25,980 |
| Ahmedabad | ₹1,15,410 | ₹1,25,880 |
Silver also crosses ₹ 1,60,000
Following the path of gold, the prices of silver have also increased tremendously. On November 12, the price of silver has reached ₹ 1,60,100 per kg.
Will gold become more expensive?
Big financial institutions believe that this bullish trend in gold is not going to stop now.
- Goldman Sachs estimates that gold could reach $4,900 an ounce by December 2026.
- ANZ believes it will reach $4,600 an ounce by the middle of next year.
These projections show that investing in gold still remains a very attractive option for the long term.