Gold Silver prices forecast: Gold prices rose today as Omicron risks buoyed the safe-haven appeal of the precious metal. On MCX, gold futures were up 0.65% to ₹48,257 per 10 gram , extending gains to the second day, while silver rates jumped 0.85% to ₹63,497 per kg.
- Where did New Covid variant come from?
“Gold prices is taking support on account of new and possibly vaccine resistant New Covid variant detected in South Africa and a few other countries. Global economies are already facing high inflation and economic bottlenecks and still in revival mode. In this scenario, if situation worsens or new lockdown imposed globally then we may see a rebound in gold prices,”.
Support for Gold is seen at ₹47100 to ₹46,820 zone.
In global markets, spot gold rose 0.3% to $1,796.53 per ounce as investors weighed the risk to the global economy posed by the Omicron coronavirus variant amid rising expectations of a more tempered approach by Federal Reserve’s interest rate hikes.
But capping gold’s moves, the dollar edged higher – making gold more expensive for overseas buyers. Global equities regained some footing today after sinking last week on fears that the new variant could bring fresh curbs.
- Spot Silver Prices Today (29th November 2021)
Among other precious metals, spot silver rose 0.7% to $23.30 per ounce while platinum gained 1.4% to $966.99.
While Omicron cases have been detected in at least a dozen countries, a South African doctor who had treated cases said symptoms of the virus were so far mild. The World Health Organisation (WHO) said assessing the severity of Omicron could take “days to several weeks”, though in a sign of caution it warned on Monday that it posed a “very high” global risk.
Equities in Europe today rebounded and US equity futures rose along with Treasury yields as a semblance of calm returned to global markets.
The current gold rate is ₹ 48,480 for 22 carat.
The current gold price is ₹ 47,320 for 22 carat gold.The price of gold is different for Multi Commodity Exchange, it is for the people who wants to do trading in gold. Gold futures on MCX were at ₹ 48,320 per 10 grams.