Gold prices surged by Rs 1,000 per 10 grams over the past two days, while silver saw a rise of Rs 700 per kilogram, signaling a strong rebound after both metals ended their recent losing streak.
On Tuesday, both gold and silver futures closed on a positive note, both domestically and internationally. The Gold December futures contract settled at Rs 75,585 per 10 grams, marking a 0.72% gain, while the Silver December futures contract ended at Rs 90,630 per kilogram, up by 0.13%.
Gold and silver rates today, November 21
The 24-carat gold rate in India was Rs 76,190 per 10 grams on November 21. The rate for 24-carat gold per gram is Rs 7,619. The rate of 22-carat gold was Rs 69,841 per 10 grams.
Experts on Gold & Silver Outlook
Commenting on the gold outlook, Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, noted that gold prices rose sharply due to escalating geopolitical tensions, particularly concerns over nuclear risks in the ongoing Russia-Ukraine conflict, which fueled a surge in safe-haven demand. On Comex, gold climbed by $24 to $2,635, while on MCX, prices jumped by Rs 700.
Trivedi also pointed out that technically, gold faces significant resistance in Comex around $2,640–2,650, with support levels near $2,600–2,610. In MCX, strong resistance is seen between Rs 76,100 and Rs 76,300, while key support is around Rs 75,000–75,200. He expects continued market volatility as geopolitical developments unfold, with safe-haven buying likely to sustain gold prices in the short term.
Why is gold a safe haven investment?
Gold is considered a safe-haven investment, offering protection against monetary expansion and helping preserve currency value. As central banks increase the money supply, gold serves as a hedge against potential currency devaluation, making it a dependable asset during times of economic uncertainty.
Its ability to withstand inflation further boosts its attractiveness. As living costs rise, gold’s value often climbs, providing a shield for investors against inflationary pressures. During economic downturns, gold tends to outperform other assets, safeguarding portfolios from devaluation and offering a buffer against financial instability.
Gold rate in Mumbai on November 21
The glittering metal was quoted for a price of Rs 76,190/10 grams in Mumbai on November 21. On November 20, the price of gold was Rs 75,790/10 grams. Seven days back, on November 14, gold was trading for Rs 74,240/10 grams.
Silver rate in Mumbai on November 21
The shining metal silver was selling for a rate of Rs 90,210/Kg on November 21 in Mumbai. Whereas on November 20, the metal was priced at Rs 90,870/Kg and a week ago the price was Rs 89,090/Kg.
Gold rate in Kolkata on November 21
In Kolkata, the 24-carat gold rate in Kolkata was trading for Rs 75,690/10 grams, today, November 21. The glittering metal was selling for Rs 75,110/10 grams on November 20 and was quoting for Rs 74,140/10 grams last week.
Silver rate in Kolkata on November 21
The silver rate in Kolkata today was Rs 90,090/Kg. The price of silver was Rs 90,750/Kg on November 20. Last week, the price was trading at Rs 89,980/Kg.
Gold rate in Delhi on November 21
On November 21, 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 20.
While the price of the 999 gold was selling for a price of Rs 74,110/10 grams a week ago.
Silver rate in Delhi on November 21
In Delhi, the silver was priced at Rs 89,980/Kg on November 21. The price of silver was Rs 90,710/Kg on November 20. The price of silver was quoted at Rs 88,940/Kg last week.
Gold rate in Chennai on November 21
The gold rate in Chennai was Rs 76,410/10 grams today, November 21. On Wednesday 20-11-2024 the gold rate was quoted at Rs 76,010/10 grams. On November 14 or a week ago, the price of gold was Rs 74,510/10 grams in Chennai.
Silver rate in Chennai on November 21
The silver rate in Chennai today, November 21, is Rs 90,470/Kg. On November 20, the price of silver at Rs 91,140/Kg. The silver in Chennai was available to the customers for a price of Rs 89,390/Kg a week ago.
MCX Futures on November 21
The gold MCX futures contracts with the expiry of December 2024 were quoted for Rs 75,985 per 10 gm, a jump of Rs 398. While the futures contracts for silver with the December 2024 expiry on MCX futures were trading at Rs 89,959 per kg, a fall of Rs 661.