Gold Stabilizes After Sharp Fall

Gold prices witnessed a 1.46 percent decrease, with the yellow metal closing the trading session at Rs 78,026 on November 6, 2024 according to MCX data.

Prices were also higher percent up in gold’s spot market value from the start of the year.

Year-over-year, gold prices have soared 29.61 percent, as analysed by Moneycontrol.

However, the current price remains below the Rs 79,362 peak reached on October 30, 2024.

For gold futures expiring on December 5, 2024, the price was Rs 76,745 per 10 grams on November 6, 2024, which is -2.24 percent lower than the previous day’s price.

There were city-wise variations in gold price on November 6, 2024.

Gold price in Mumbai

The price of 24-carat yellow metal on November 6, 2024 was Rs 78,280 in Mumbai, and it cost Rs 74,550 for 22-carat commodity in the financial capital. Prices were 0.14 percent higher compared with the previous day.

Gold price in Delhi

In the national capital, 24-carat gold cost Rs 78,380, 0.13 percent higher than the previous day, while the 22-carat version cost Rs 74,650.

Gold price in Chennai

Tamil Nadu’s capital, Chennai, witnessed the commodity trading 0.13 percent higher for the 24-carat at Rs 77,330. The 22-carat commodity was priced at Rs 73,650.

Gold price in Bengaluru

Tech capital Bengaluru, saw 22-carat gold at Rs 74,800, while 24-carat gold at Rs 78,540 was 0.13 percent higher than the previous trading session.

You can access more information on city-wise prices on our gold page.

Outlook

World Gold Council notes that central bank buying and technology use demand was lower at the start of the year.Geopolitical uncertainties have given a fillip to the yellow metal prices in recent times, along with capital flows owing to lower rates in developed economies.

Cheese increased 5.03% to 1.922 USD/Lbs

Brent crude oil futures rose above $75 per barrel on Thursday, as investors continued to assess the potential impact of Donald Trump’s election victory on oil markets.

A Trump administration is expected to stimulate US economic growth and boost consumption through fiscal spending and tax cuts, while also being seen as favoring US oil producers, potentially revising sanctions on major producer Iran.

However, concerns remain about the strain Trump's trade tariffs may place on China’s economy, potentially reducing oil demand from the world’s largest importer.

Meanwhile, the EIA reported that US crude inventories rose by 2.1 million barrels, exceeding the 1.8 million-barrel forecast. Elsewhere, Hurricane Rafael is expected to weaken before reaching the US Gulf Coast, with the threat to oil production falling to a projected 1.55 million barrels a day as the storm shifts eastward.

WTI crude oil futures rose toward $72 per barrel on Thursday, as investors continued to assess the potential impact of Donald Trump’s election victory on oil markets.

A Trump administration is expected to stimulate US economic growth and boost consumption through fiscal spending and tax cuts, while also being seen as favoring US oil producers, potentially revising sanctions on major producer Iran.

However, concerns remain about the strain Trump's trade tariffs may place on China’s economy, potentially reducing oil demand from the world’s largest importer.

Meanwhile, the EIA reported that US crude inventories rose by 2.1 million barrels, exceeding the 1.8 million-barrel forecast. Elsewhere, Hurricane Rafael is expected to weaken before reaching the US Gulf Coast, with the threat to oil production falling to a projected 1.55 million barrels a day as the storm shifts eastward.

SSE Consume Commodity Index increased to a 4-week high of 8357.00 Index Points.

Over the past 4 weeks, SSE Consume Commodity Index lost 8.02%, and in the last 12 months, it decreased 12.73%.