Gold price today November 2: Yellow metal up by Rs 190; silver by Rs 670/kg, check all rates

Gold and silver prices in the Indian markets were slightly high on the day following Diwali. Both metals witnessed a small jump in term of price. The 24-carat variant of the yellow metal was trading at Rs 47,702/10 gm, up Rs 190/10 gm from previous day’s price of Rs 47,512/10 gm, as per the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was also up by Rs 174 to Rs 43,695/10 gm from the previous day’s rate of Rs 43,521/10 gm.

“The rise in demand of gold and silver during Diwali and Dhanteras triggered this price hike, though to a small extent. We all expect another round of rise in prices in the coming days,” said experts.

“India’s gold demand has seen a 47% year-on-year jump in the July-September quarter to 139 tonnes, following rise in economic activity and recovering consumer demand. This festive season might push this demand beyond 200 tonnes,” said Ravi Singh, VP, Shareindia.

On the other hand, silver was also up in the early trade on Friday like the yellow metal. The white metal was trading at Rs 63,551/kg on November 5, up by Rs 670/kg from Yesterday’s price of Rs 62,881/kg, according to the rate provided by IBJA.

“From the perspective of seasonality, the month of November has been moderately bullish for gold in the past five years. As long as it keeps above 47,500, there is possibility for the yellow metal to take higher highs from the current levels,” said Manoj Dalmia, founder, Proficient Equities Limited.