The Indian stock market witnessed sharp fluctuations throughout the last week, with Nifty rising to a record high in one session and then experiencing a major decline in the next. While this volatility caused uncertainty among equity investors, gold once again demonstrated its status as a safe-haven asset. Investors shifted their focus toward gold amid the unstable market, leading to an upward trend in prices. The shift in sentiment clearly reflected how investors generally rely on gold as a secure investment option during unpredictable market phases, and this week was no exception.
Gold prices recorded a significant rise over the past week. Rates for 24-carat gold increased by ₹760 per 10 grams, while 22-carat gold rose by ₹700 per 10 grams. On November 23, the price of 24-carat gold in Delhi stood at ₹1,25,990 for 10 grams, and in the international market, gold was trading at $4,061.91 per ounce. Major Indian cities including Delhi, Mumbai, Chennai and Kolkata displayed nearly uniform pricing, with 24-carat gold quoted at ₹1,25,840 per 10 grams and 22-carat gold at ₹1,15,350 per 10 grams.
In contrast to gold, silver prices witnessed a steep fall during the same week. Silver rates dropped drastically by nearly ₹5,000 per kilogram over the past seven days, indicating a weak trend in demand. On November 23, silver was priced at ₹1,64,000 per kilogram in domestic markets. In the global market, silver futures were trading at $49.56 per ounce. This sharp decline highlights the difference in investor preference between gold and silver during economic uncertainty, with the latter failing to attract the same level of safe-haven buying.
A similar trend was observed in the futures market on the Multi Commodity Exchange (MCX). Futures contracts for 24-carat gold expiring on December 5, 2025, climbed from ₹1,23,561 per 10 grams on November 14 to ₹1,24,191. However, silver futures saw a considerable downfall, dropping from ₹1,56,018 per kilogram to ₹1,54,151 per kilogram during the same period. Experts note that both domestic and global factors play crucial roles in determining gold and silver prices. With persistent market uncertainty, investors are increasingly considering gold a safer investment option over other commodities.