Gold prices flat at ₹1,24,600/10 gm; silver unchanged at ₹1,53,300 per kg

Gold and silver rates in Delhi remained flat on Friday, November 7, according to the All India Sarafa Association. Gold prices (99.9% purity, 24k) fell slightly by ₹100 to ₹1,24,600 per 10 gram in the national capital due to fresh selling by traders. 

On Thursday, the yellow metal snapped its two-day losing streak to rise by ₹600 to ₹1,24,700 per 10 gram due to fresh buying by jewellers and firm global cues.

The precious metal of 99.5% purity slipped ₹100 to ₹1,24,000 per 10 gram after closing at ₹1,24,100 per 10 gram on Thursday. 

Silver remained unchanged at ₹1,53,300 per kg on Friday. 

In the overseas markets, spot gold rose $19.84, or 0.5%, to $3,996.93 per ounce, while spot silver was trading 0.96% higher at $48.48 an ounce.

"Gold prices gained on Friday as investors sought safe-haven assets amid growing concerns over a possible AI-driven bubble in equity markets and uncertainty surrounding the prolonged US government shutdown," a PTI report said, quoting commodity market experts.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.08% to 99.65, supporting gold prices.

"The US government shutdown has entered its 38th day, weighing on economic output and delaying the release of key macroeconomic data. Given the combination of market uncertainty, dollar weakness and the extended shutdown, there may be further scope for gold appreciation," the PTI report quoted an expert as saying. 

Gold, as a safe-haven metal, rises during uncertain situations, market fluctuations and weakening currencies. After rising to lifetime highs near Diwali, gold and silver fell with easing trade tensions between the US and China and a stronger dollar.

However, after the US Federal Reserve’s comments dampened the hopes for a rate cut in December, the precious metals started rising moderately again. 

Silver, that rises with gold, has also been supported by its rising industrial demand, especially in sectors such as EV, 5G and solar.