Gold up about 1% in a week, 24-carat at Rs 1,41,452 per 10 grams as global markets slide

Gold prices rose in the bullion market this week. According to official figures from the India Bullion and Jewellers Association (IBJA), 24-carat gold reached Rs 1,41,452 per 10 grams on Friday. At the end of the previous week, the rate was Rs 1,40,054 per 10 grams. Gold has thus gained about 1 per cent over the week.

On the morning of Monday, November 9, too, 24-carat gold stands at Rs 1,41,452 per 10 grams as per IBJA. Rates for other carats have also been released for the morning. 18-carat gold is at Rs 1,06,089 per 10 grams and 14-carat gold at Rs 82,749 per 10 grams.

Across cities, the 24-carat rate was recorded today at Rs 1,41,452 per 10 grams in Mumbai, Thane, Ratnagiri, Pune, Nagpur, Kolhapur, Chhatrapati Sambhajinagar, Jalgaon, Sangli and Baramati.

IBJA also gave the silver rate. On the morning of Monday, November 9, silver is at Rs 1,82,868 per kg.

Amid turmoil and uncertainty in the international market, gold saw a sharp rally last week. There, the price of gold has risen 4.5 per cent this week. It is the biggest weekly gain for gold since August.

The reasons cited are a fall in stock markets worldwide and a record drop in crude oil prices. In the past few days, doubts arose over the future of the technology and artificial intelligence (AI) sector, leading to heavy selling in tech stocks. Large institutional investors have begun pulling capital out of the equity market and putting it into the commodity market, especially gold.

Crude oil prices have recorded their biggest weekly fall since April 2020. Amid all these global factors, investors have turned to gold as a safe investment.

In this way, in one week, 24-carat gold in the domestic bullion market rose from Rs 1,40,054 to Rs 1,41,452 per 10 grams. Silver is currently at Rs 1,82,868 per kg.