Current Gold and Silver Prices: A Detailed Overview
Gold Prices Decline Again: On Thursday, the gold price experienced a decline for the fourth consecutive day. In the capital city of Delhi, the price dropped by Rs 250, bringing the current rate to Rs 74,350 per 10 grams. This follows the previous day’s closing price of Rs 74,600 per 10 grams for gold with 99.9 percent purity, as reported by the All India Sarafa Sangh.
Silver Prices Surge
Contrasting the trend in gold prices, silver has seen a significant increase, rising by Rs 2,000 to reach a two-week high of Rs 87,000 per kg on Thursday. Previously, silver was priced at Rs 85,000 per kg. Over the last three trading sessions, silver has appreciated by more than Rs 3,200, highlighting strong market demand.
Purity and Price Details
The price of gold with 99.5 percent purity also faced a decline; it fell by Rs 250 to Rs 74,000 per 10 grams, down from the previous closing of Rs 74,250 per 10 grams. Such fluctuations demonstrate the volatility in precious metal markets.
Market Influences
Growing Demand for Silver
Traders have noted that the increasing industrial demand for silver has propelled prices upward for three consecutive trading sessions. In international markets, Comex gold was trading at $2,547.70 per ounce, marking a slight increase of 0.21 percent. Gold reached a weekly high of $2,558 an ounce before a downturn occurred after the release of the latest inflation report, causing investors to recalibrate expectations surrounding potential interest rate adjustments by the US Federal Reserve. Silver prices in the global arena are currently quoted at $29.16 per ounce.
Price Movements in Indore
In the local bullion market of Indore, a similar trend of falling prices was evident. On Thursday, gold saw a decrease of Rs 200 per 10 grams, while silver prices fell by Rs 100 per kilogram. The average price now stands at:
| Metal | Price |
|---|---|
| Gold (10 grams) | Rs 73,700 |
| Silver (kilogram) | Rs 84,600 |
| Silver Coin (per piece) | Rs 900 |
Summary
The precious metals market is currently characterized by a downward trend in gold prices while silver continues to experience upward momentum due to robust industrial demand. Investors and consumers alike should stay informed about ongoing trends and market conditions as they navigate their purchasing and investment decisions in precious metals.
