Business Desk – Gold Price Today: Gold prices have increased after the weakness in the US dollar and the results of the US midterm elections. In the international market, gold jumped by about 2% and reached a two-week high. The price of 24 carat gold in India was recorded at Rs 1,44,570 per 10 grams.
Gold Price Today: There was a rise in gold prices on Thursday, November 5. In the country, 24 carat gold reached Rs 1,44,570 and 22 carat gold reached Rs 1,32,420 per 10 grams. Compared to the previous trading session, an increase of Rs 3,240 was recorded in 24 carat gold and Rs 2,970 in 22 carat gold.
At the same time, in the international market, gold rose by about 2% to $ 4,134.83 an ounce. This was its highest level since October 22. Gold futures also remained bullish on Multi Commodity Exchange (MCX).
Shock to Trump’s party in US elections, why did gold rise?
The dollar weakened after the Democratic Party’s victory in the US midterm elections. This provided support to gold prices. Generally, when the dollar weakens, it becomes cheaper for investors holding other currencies to buy gold.
This may increase its demand. Apart from this, the fall in US bond yields and uncertainty in global markets also supported gold prices.
3 big reasons for the rise in gold prices
- dollar weakness
The dollar weakened after the US election results. There is a possibility of increase in demand for gold in the international market due to fall in dollar. This also affects the prices of gold. - Fall in US bond yields
The yield of 10-year treasury bond in America fell to 4.87%. Lower bond yields may make investment options like gold attractive. Gold does not earn interest, so investment in it may increase when interest rates and bond yields fall. - Global tension and uncertainty
There remains hope for a diplomatic solution to the ongoing war between America and Iran. However, due to uncertainty regarding global developments, investors view gold as a safe investment option.
Gold price in big cities including Indore, Bhopal
The prices of 24 and 22 carat gold in different cities on November 5 were as follows:
Indore: 24 carat Rs 1,42,860 and 22 carat Rs 1,30,960 per 10 grams.
Bhopal: 24 carat Rs 1,42,800 and 22 carat Rs 1,30,900 per 10 grams.
Delhi: 24 carat Rs 1,42,960 and 22 carat Rs 1,31,060 per 10 grams.
Mumbai: 24 carat Rs 1,42,810 and 22 carat Rs 1,30,910 per 10 grams.
Chennai: 24 carat Rs 1,42,920 and 22 carat Rs 1,31,010 per 10 grams.
There may be a difference in the price of gold in different cities due to tax and local market. These prices do not include GST and jewelery making charges.
Gold prices rise on MCX too
A rise in gold prices was also seen on the domestic futures market Multi Commodity Exchange (MCX). Gold future with expiry of December 4, 2026 was trading 2.72% higher at Rs 1,43,250 per 10 grams at around 8:25 am on November 5. It had closed at Rs 1,39,452 in the previous trading session.
What will happen to gold prices going forward?
The direction of gold prices in the coming days will depend on the decisions related to the US dollar, bond yields and interest rates of the Federal Reserve. Apart from this, the trend of tension between America and Iran can also affect the price of gold.
If the dollar remains weak and global uncertainty persists, gold may get support. At the same time, gold prices may come under pressure if the dollar strengthens and bond yields increase.