Gold Rate Today: Gold, Silver Prices Slip After Bloodbath on Share Market

Rising dollars prices have affected the rupee badly as it fell drastically and a bloodbath on the D-Street has been going on from last 7 days. As result, Gold and silver prices have also come down.

Analysts predict continued weakness, with gold support at Rs 73,850 and silver at Rs 87,750.

According to the reports, gold prices have drop upto Rs 3,400 per 10 grams and silver by Rs 3,200 per kilogram.

Impact of US Dollar and Cryptocurrency

The US dollar index surpassed the 106 mark after Donald Trump's presidential election victory. Today, it hovers near the 106.61 mark, gaining slightly by 0.12%. Bitcoin's value surged past $93,000 for the first time. This enthusiasm for cryptocurrencies is reducing interest in gold and silver investments.

US CPI inflation data released on Wednesday met expectations with an annual increase of 2.6% in October from the previous reading of 2.4%. Core CPI also aligned with forecasts. Although inflation rose slightly, it remains within acceptable levels for the US Federal Reserve's monetary policy decisions.

Expert Predictions on Gold and Silver Prices

"We expect gold and silver prices to remain weak amid strength in the dollar index, US bond yields and crypto rally and could test $2,550 and $30.00 per troy ounce levels respectively in the short term," said Manoj Kumar Jain of Prithvifinmart Commodity Research.

Manoj Kumar Jain provides support ranges for gold at MCX between Rs 74,180-73,850 and resistance between Rs 74,720-75,000. For silver, support is at Rs 88,500-87,750 with resistance between Rs 90,000-90,650. Jain advises avoiding trading in these metals today until market stability returns.

Current Gold Prices Across Indian Cities

In Delhi's physical markets today: Standard gold (22 carat) is priced at Rs 58,312 for eight grams; pure gold (24 carat) costs Rs 62,216 for eight grams. In Mumbai: Standard gold (22 carat) stands at Rs 57,136 for eight grams; pure gold (24 carat) is priced at Rs 60,904 for eight grams.

Kolkata sees standard gold (22 carat) priced at Rs 57,704 for eight grams while pure gold (24 carat) costs Rs 61,584 for eight grams.

The ongoing rally in cryptocurrencies alongside strong US economic indicators continues to impact traditional safe-haven assets like gold and silver negatively.