Over the past two days, gold prices surged by Rs 1,480 per 10 grams, while silver saw an increase of Rs 2,700 per kilogram, reflecting a strong rebound. This marks a positive shift after both metals ended their recent losing streak.
On Tuesday, gold and silver futures settled on a positive note both domestically and internationally. The Gold December futures contract closed at Rs 75,585 per 10 grams, gaining 0.72%, while the Silver December futures contract finished at Rs 90,630 per kilogram, with a gain of 0.13%.
The Multi Commodity Exchange of India (MCX) announced via circular that it will not trade on November 20 during its morning session from 9 a.m. to 5 p.m. on account of the Maharashtra Assembly Election 2024. However, trading will resume as usual in the evening session, operating from 5 p.m. to 11:55 p.m.
Gold and silver rates today, November 20
The 24-carat gold rate in India was Rs 75,790 per 10 grams on November 20. The rate for 24-carat gold per gram is Rs 7,889. The rate of 22-carat gold was Rs 69,474 per 10 grams.
Experts on Gold & Silver Outlook
Commenting on the gold outlook Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said that Gold prices moved higher as geopolitical tensions escalated, with renewed fears surrounding nuclear risks in the ongoing Russia-Ukraine conflict driving a surge in safe-haven demand. boosting gold’s appeal. On Comex, gold rose sharply by $24 to $2,635, while in MCX, prices saw a Rs 700 jump.
Trivedi also added that technically, gold faces stiff resistance in Comex around $2,640–2,650, with support zones near $2,600–2,610. In MCX, Rs 76,100–76,300 acts as a strong resistance, while Rs 75,000–75,200 serves as key support. The market is expected to remain highly volatile as these geopolitical developments unfold. Safe-haven buying is likely to persist, keeping gold prices elevated in the short term.
Why is gold a safe haven investment?
Gold is widely regarded as a safe-haven investment, providing protection against monetary expansion and helping to preserve currency value. As central banks increase the money supply, gold acts as a hedge against potential currency devaluation, making it a reliable asset in uncertain economic conditions.
Its resilience against inflation further enhances its appeal. As the cost of living rises, gold’s value often increases, shielding investors from inflationary pressures. During economic downturns, gold typically outperforms other assets, helping to protect portfolios from devaluation and offering a buffer against financial instability.
Gold rate in Mumbai on November 20
The glittering metal was quoted for a price of Rs 75,790/10 grams in Mumbai on November 20. On November 19, the price of gold was Rs 75,210/10 grams. Seven days back, on November 13, gold was trading for Rs 74,240/10 grams.
Silver rate in Mumbai on November 20
The shining metal silver was selling for a rate of Rs 90,870/Kg on November 20 in Mumbai. Whereas on November 19, the metal was priced at Rs 90,870/Kg and a week ago the price was Rs 89,420/Kg.
Gold rate in Kolkata on November 20
In Kolkata, the 24-carat gold rate in Kolkata was trading for Rs 75,690/10 grams, today, November 20. The glittering metal was selling for Rs 75,110/10 grams on November 19 and was quoting for Rs 74,520/10 grams last week.
Silver rate in Kolkata on November 20
The silver rate in Kolkata today was Rs 90,750/Kg. The price of silver was Rs 89,510/Kg on November 19. Last week, the price was trading at Rs 89,300/Kg.
Gold rate in Delhi on November 20
On November 20, the gold was trading at a price of Rs 75,660/10 grams. The gold was quoted at Rs 75,080/10 grams on Tuesday, November 19.
While the price of the 999 gold was selling for a price of Rs 74,490/10 grams a week ago.
Silver rate in Delhi on November 20
In Delhi, the silver was priced at Rs 90,710/Kg on November 20. The price of silver was Rs 90,550/Kg on November 19. The price of silver was quoted at Rs 89,260/Kg last week.
Gold rate in Chennai on November 20
The gold rate in Chennai was Rs 76,010/10 grams today, November 20. On Tuesday 19-11-2024 the gold rate was quoted at Rs 75,420/10 grams. On November 13 or a week ago, the price of gold was Rs 74,810/10 grams in Chennai.
Silver rate in Chennai on November 20
The silver rate in Chennai today, November 18, is Rs 91,140/Kg. On November 19, the price of silver at Rs 90,970/Kg. The silver in Chennai was available to the customers for a price of Rs 89,620/Kg a week ago.
MCX Futures on November 20
The gold MCX futures contracts with the expiry of December 2024 were quoted for Rs 75,585 per 10 gm, a jump of Rs 538. While the futures contracts for silver with the December 2024 expiry on MCX futures were trading at Rs 90,630 per kg, an increase of Rs 117.