Precious metals reversed early losses on the Multi Commodity Exchange (MCX) on Friday, November 13, shifting into positive territory after a subdued start. Gold on the MCX jumped 0.66%, advancing by ₹800 to reach ₹1,37,025 per 10 grams during early trading hours. Silver also followed a firmer trajectory, picking up ₹23 to trade at ₹1,79,460 per kilogram.
Spot Bullion Rates in New Delhi and Global Trends
In the New Delhi spot bullion market on Friday morning, 24-karat gold was priced at ₹1,37,300 per 10 grams, while 22-karat gold stood at ₹1,25,858 per 10 grams. Meanwhile, physical silver in the capital touched ₹1,79,630 per kilogram. Overseas markets mirrored this upward momentum, with gold rising 0.85% on COMEX to trade at $3909.28 per ounce.
Recent Price Correction and Industrial Demand Impact
Despite the single-day bounce, gold has experienced downward pressure recently, sliding nearly 3% on the MCX over the past week and falling 6.68% over the past month. Silver has been under even greater strain, plunging 17.45% over a one-month span and dropping 22% over three months. However, on an annual basis, silver remains up by 8%. Market trends indicate that silver's sharp multi-month downturn stems primarily from weakened industrial demand globally.
Understanding Gold Purity and Shifting Jewelry Trends
In the retail market, gold is traded across various purity grades. While 24-karat represents pure gold, 22-karat remains the traditional standard for jewelry making due to its superior strength and durability. However, elevated price points have nudged consumer preferences toward 18-karat gold jewelry as a more affordable alternative. On the silver front, 999 fine silver is the purest standard, extensively utilized not only for coins and ornaments but also across industrial applications.
