Look, the price of gold and silver slipped a little bit today (Monday, November 24). It’s not a crash, but it’s a small dip.
The main thing you need to understand is the WHY.
Gold usually does well when the economy is shaky or when the US Federal Reserve (which controls US interest rates) cuts rates. When they cut rates, the US dollar gets weaker, and gold gets more attractive and cheaper for people who use other currencies.
Here’s the kicker: Hopes for a December rate cut are fading. They might not cut the rates. This happened. And then the dollar got stronger. And when the dollar gets stronger, gold automatically becomes slightly more expensive to buy globally, so the price drops a little.
The Numbers to Know
This data is from a few days ago (Friday, November 21) as the final Indian market numbers take time to get certified, but it shows the trend:
Simply Put: The small drop in gold is mostly because of news coming from the US economy. The drop in silver is a bigger percentage correction, even though it’s still highly sought after for industry, those too.
It’s just an ongoing adjustment period in the market.
Do you want to know how the US interest rate decision affects people who buy gold jewelry in India, or should we move on to the next news item?
Read More: Bank FD: Deposit ₹1,00,000 and get fixed interest of ₹38,723, check return details
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
Add businessleague.in as a Preferred Source
