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Quote on Gold As On 29 November 2023 By Mr. Veer Mishra, Co-Founder of Plus
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Below the "Quote on Gold" On 29 November 2023 by Mr. Veer Mishra, Co-Founder of Plus
The Indian market witnessed a steady rise in gold and silver prices today, reflecting the interplay of domestic demand-supply dynamics, interest rates, inflation, and currency exchange rates.
Gold:
22 karat gold: ?5,735 per gram, up ?35 from yesterday's close
24 karat gold: ?6,256 per gram, up ?25 from yesterday's close
Silver:
999 purity silver: ?78.50 per gram, unchanged from yesterday's close
Demand and Supply: The approaching festive season and the ongoing wedding season are expected to fuel demand for gold and silver, potentially driving prices further upwards.
Interest Rates: Despite recent interest rate hikes, gold and silver retained their appeal as investors seek hedge against inflation.
Inflation: Persistently high inflation levels have enhanced the perceived value of gold and silver as safe-haven assets.
Exchange Rates: The depreciation of the Indian rupee against the US dollar has contributed to the price increase of gold and silver imports, consequently affecting domestic prices.
Global Outlook:
International gold and silver prices remained relatively stable today, with investors keeping an eye on global economic developments and geopolitical tensions.
Expect gold and silver prices to maintain their upward trajectory in the near term, driven by strong domestic demand and supportive global sentiment.
The Indian gold and silver market is poised for continued growth, fueled by robust domestic demand and a supportive global environment. Investors should closely monitor domestic economic indicators and global events to make informed investment decisions.
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