Gold and Silver Prices Overview
In recent trading sessions, gold and silver prices have shown a mixed trend. On Monday, gold prices saw a slight decrease, with the rate of 24-carat gold settling at ₹7783.3 per gram, down by ₹10. Similarly, 22-carat gold now stands at ₹7136.3 per gram, also reflecting a decrease of ₹10. This trend indicates the ongoing fluctuations in precious metal values, impacted by various domestic and international factors.
Weekly and Monthly Price Changes
The price of 24-carat gold has witnessed a decline of approximately 0.58% over the past week and a more substantial drop of 5.64% in the last month. This decline raises concerns among investors about the future trajectory of gold prices as they navigate these changes.
Current Prices of Silver
As of now, silver is priced at ₹100,000.0 per kilogram, which marks a reduction of ₹100.0 per kilogram. This decline in silver prices complements the ongoing trends in gold, showcasing how both precious metals are responding to market dynamics.
Comparison of Gold Prices Across Major Cities
| City | Gold Price (per 10 grams) | Price Yesterday (06-10-2024) | Price Last Week (01-10-2024) |
|---|---|---|---|
| Delhi | ₹77,833.0 | ₹77,853.0 | ₹77,403.0 |
| Chennai | ₹77,681.0 | ₹77,701.0 | ₹77,251.0 |
| Mumbai | ₹77,687.0 | ₹77,707.0 | ₹77,257.0 |
| Kolkata | ₹77,685.0 | ₹77,705.0 | ₹77,255.0 |
Current Prices of Silver in Major Cities
| City | Silver Price (per kg) | Rate Yesterday (06-10-2024) | Rate Last Week (01-10-2024) |
|---|---|---|---|
| Delhi | ₹100,000.0 | ₹98,000.0 | ₹98,000.0 |
| Chennai | ₹105,600.0 | ₹103,600.0 | ₹103,600.0 |
| Mumbai | ₹99,300.0 | ₹97,300.0 | ₹97,300.0 |
| Kolkata | ₹100,800.0 | ₹98,800.0 | ₹98,800.0 |
MCX Futures Trends
Looking at the futures market, the November 2024 MCX gold futures are currently trading at ₹610.0 per 10 grams, remaining stable. Meanwhile, silver futures for the same period are trading at ₹5,591.5 per kg, showing a slight increase of 0.242%. These trends provide insights into the potential future movements of gold and silver prices in India.
Factors Influencing Prices
The fluctuations in gold and silver prices are influenced by a multitude of factors. Market analysts point to global demand for these metals, shifts in currency values, prevailing interest rates, and government policies related to the gold trade as significant contributors. Additionally, global economic conditions and the stability of the U.S. dollar against other currencies play crucial roles in determining the prices of gold and silver in the Indian market.
