Gold prices fall 1.95% on November 7, yellow metal ends trade at Rs 76,503

The price of 24-carat gold in Mumbai on November 7, 2024 was Rs 76,550, while the gold rate for 22-carat was Rs 72,900

Gold traded at Rs 76,503 on November 7, 1.95 percent lower compared with the previous day, according to data released by MCX.

The yellow metal has been trading at 21.24 percent, higher compared to the start of the year, in the spot market.

It was trading 27.9 percent higher from the previous year as well, as per Moneycontrol analysis.

The commodity is still below the Rs 79,362 mark, which it had hit on October 30, 2024.

For gold futures expiring on December 5, 2024, the closing price was Rs 77,431 per 10 grams on November 7, 2024, representing a 1.01 percent jump from the previous day.

Gold price rate varied city-wise on November 7, 2024.

Gold price in Mumbai

The price of 24-carat gold in Mumbai on November 7, 2024 was Rs 76,550, while the gold rate for 22-carat was Rs 72,900. The price was -2.21 percent lower, compared with the previous day.

Gold price in Delhi

In Delhi, 24-carat gold was Rs 76,650, while 22-carat was Rs 73,000. The cost of gold in Delhi was -2.21 percent lower for 24-carat compared with the previous day.

Gold price in Chennai

In Chennai, 24-carat gold cost Rs 75,600, -2.24 percent lower compared with the previous day. And, 22-carat gold traded at Rs 72,000.

Gold price in Bengaluru

In Bengaluru, 24-carat gold cost Rs 76,810 and 22-carat gold was Rs 73,150. Price was -2.20 percent lower from the previous day.

For information on more cities, you can visit our gold page.

Outlook

Demand for the commodity dipped 6 percent to 929 tonnes in the second quarter of 2024, led by a sharp decline in the jewellery segment.

As per the World Gold Council’s report, central bank gold buying was 6 percent higher at 183 tonnes.

“Gold used in technology jumped 11 percent yoy, as the AI trend continued to drive demand in the sector,” WGC said.