Gold, silver prices today: Gold prices surge to Rs 52,120, silver prices at Rs 61,900 after decline in US inflation

Gold, silver prices today: Gold prices in the domestic markets surged after US inflation figures on Thursday showed some dip. On November 11, Friday, the price of 10 grams of 24-carat gold is Rs 52,150. The price of 10 grams of 22-carat gold is Rs 47,800 on average. One kilogram of silver can be purchased for Rs 61,900. 

In the international market, the yellow metal surged around 3 per cent from the  closing price on November 9 and is now expected to touch a 10-week high at $1,765.58 on Friday. The dollar index slipped below 109 marks and 10-year bond yields slipped below 3.90 per cent.  

The US unemployment claims surged to 2,25,000 last week against the expectation of 2,20,000 claims, which further supported precious metals. Cooling inflation indicates the end for inflation fears, experts said. A slightly cooler reading in the CPI print may influence the Federal Reserve's decision-making process ahead of its December FOMC meeting.  

“Gold and silver prices gained sharply on Thursday, with gold scaling a 2.5-month high and silver 4.5-month high, after US inflation eased further which in turn pushed the dollar index and treasury yields sharply lower,” said Rahul Kalantri, Vice-President, Commodities, Mehta Equities Ltd. 

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 52,150. In Delhi, the same amount of gold can be bought at Rs 52,360 in New Delhi, whereas in Chennai, one can buy it for Rs 53,180, which is the highest among all metropolitan cities.

The prices for 22-carat gold in Mumbai, Kolkata, Delhi, and Chennai are Rs 47,800, Rs 47,800, Rs 48,000, and Rs 48,750, respectively.

“We expect precious metals to see some profit booking in today’s session. Gold has support at $1740-1728 while resistance is at $1762-1774. Silver has support at $21.35-21.22, while resistance is at $21.68-21.85. In INR terms, gold has support at Rs 51,970-51,840, while resistance is at Rs 52,240, 52,380. Silver has support at Rs 61,550-60,980, while resistance is at Rs 62,510– Rs 62,880,” added Kalantri.