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Demystifying the Process of Buying Gold Digitally: How Does it Work?
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All You Need To Know as November Ends With A High Gold Price
All You Need To Know as November Ends With A High Gold Price

Gold traded on the higher side of the Multi Commodity Exchange (MCX) in the last week of November. The price of the precious metal depends on various factors, including the value of the rupee against the dollar. The demand for gold globally also impacts the gold trends observed in our country. In Kolkata, the price of 22K gold was around ₹ 57,700 per 10 grams in the last week of November.

Both US Dollar and US Treasuries are major reserve and safe-haven assets, and Gold is inversely correlated with them. Gold prices rise when the Dollar declines as gold investors want to diversify their assets in turbulent times. The precious yellow metal is also inversely related to risk assets. Gold prices weaken when there is a rally in the stock market and become high during sell-offs in riskier markets.

A Closer Look at the Gold Price Last Week

If you are planning to buy and sell digital gold, a closer look at Spot Gold prices in November will help you take a more informed decision. Spot Gold price hit a 7-months high of $2075 last week. The rising yellow metal prices was supported by the fall in US bond yields and weakening US dollar index.

The opportunity cost of holding zero yielding gold was reduced due to lower interest rates and it further weakened the value of the dollar. As inflation started easing last week, the US dollar index went on the back foot. Spot Gold prices rose by almost 3.5% in the last week of November. Crucial resistance level was located at around 2082 and consistent trading above it might open doors for 2100-2105 (Spot Gold Bullish).

Last Week’s Price Performance

Time To Invest

If you are also planning to buy e-gold, myDigiGold is the name you can trust. You can redeem the purchased gold online at your convenience by visiting https://sencogoldanddiamonds.com/ or at any of our 150+ Senco stores. Hassle-free transactions with seamless shopping experience have helped us to carve a niche in the industry.

Disclaimer: The data provided on this blog is for general informational purposes only. The data is based on our research and understanding, and we cannot guarantee its accuracy or reliability.