Gold, silver prices today: Gold prices climb marginally to Rs 51,670, silver to Rs 61,400 amid a subdued dollar

Gold prices today: Gold prices on Thursday rose marginally to Rs 51,670 as returns on US government bonds showed a decline. On Thursday, November 10, the price of 10 grams of 24-carat gold is Rs 51,670. The price of 10 grams of 22-carat gold is Rs 47,360 on average. One kilogram of silver can be purchased for Rs 61,400, which is almost Rs 300 less than Wednesday’s price.

 In the international market, gold price saw some fresh demand from around $1,702.00 due to the US dollar index’s subdued performance. As per experts, investors are eagerly waiting for the US consumer price index report which will come today (November 10) later in the day to assess the next steps of the US Federal Reserve in terms of another round of interest rate hike. If the CPI is higher than expected, the interests may go up further, which means gold prices could slip further.

Domestic prices

Gold prices change daily due to currency exchange rate, excise duty, state taxes, and making charges of jewellers, which vary from state to state. On Wednesday, 10 grams of 24-carat gold in Mumbai and Kolkata can be bought and sold at Rs 51,670. In Delhi, the same amount of gold can be bought at Rs 51,770 in New Delhi, whereas in Chennai, one can buy it for Rs 52,530, which is the highest among all metropolitan cities.

Also read: Gold, silver prices today: Gold prices dip to Rs 46,790, silver prices surge to Rs 61,700 amid rising US dollar

The prices for 22-carat gold in Mumbai, Kolkata, Delhi, and Chennai are Rs 47,360, Rs 47,360, Rs 47,460, and Rs 48,150, respectively.

Gold prices during recession period

A lot of experts say that gold prices trend upwards when inflation brings the value of currency down. The yellow metal performs inversely to market conditions in this way. But situations and factors can be different. Gold can be just as vulnerable as the stock market if investors don’t opt for it. The yellow metal’s price and value are directly proportionate to social perception and popularity.

In short, the yellow metal cannot be tagged as a consistent recession-proof asset. One should diversify their portfolio and only reserve part of it for gold.