As of October 23, 2024, the gold and silver markets are seeing notable fluctuations in India’s major cities. Gold prices remained stable overall, while silver witnessed a more dynamic shift across key regions like Delhi, Chennai, Mumbai, and Kolkata.
Gold Rates Across India
In Delhi, the price of 24-carat gold is recorded at Rs 79,823 per 10 grams, a marginal increase from the previous day’s rate of Rs 79,583.
Over the past week, gold prices in the capital have risen from Rs 78,073, indicating a slow upward movement. The overall trend has declined -1.9% over the past seven days.
Chennai’s gold market followed a similar pattern, with prices today at Rs 79,671 per 10 grams. Yesterday, the gold rate was Rs 79,431, and a week ago, it was Rs 77,921.
Mumbai’s gold price also reflects this slight upward trend, with today’s rate at Rs 79,677 per 10 grams, up from Rs 79,437 on October 22, 2024. Kolkata’s market displayed the same consistency, with gold priced at Rs 79,675 per 10 grams today.
Despite these marginal day-to-day increases, gold has steadily declined -4.08% over the past month, mainly due to global economic conditions and a stronger U.S. dollar.
Silver Market Update
The silver market, on the other hand, has shown more dramatic changes. In Delhi, the price of silver surged to Rs 1,04,200 per kilogram today, up from Rs 1,02,500 yesterday, reflecting a robust increase.
A week ago, on October 17, 2024, silver was priced at Rs 1,00,000 per kilogram in the capital, showing a solid rally over the week.
Chennai recorded an even sharper spike in silver prices, with today’s rate hitting Rs 1,11,800 per kilogram, a significant rise from Rs 1,09,600 yesterday. Just a week ago, silver was priced at Rs 1,05,600 per kilogram, marking an impressive upward trend in the southern city’s silver market.
Mumbai and Kolkata have also mirrored this rise. In Mumbai, silver is priced at Rs 1,03,500 per kilogram today, compared to Rs 1,01,800 yesterday.
Silver stood at Rs 99,500 per kilogram a week ago, showing a notable rally. Meanwhile, in Kolkata, the silver rate today is Rs 1,05,000 per kilogram, up from Rs 1,03,300 on October 22, 2024.
MCX Rate Overview
The Multi Commodity Exchange (MCX) provides further insights into the performance of precious metals in the Indian market.
Today, November 2024 gold futures are trading at Rs 2,371 per 10 grams, reflecting a minor increase of 0.487% since the previous trading session.
Silver futures for November 2024 took a sharp turn, dropping by 6.156% to Rs 3,399.5 per kilogram. This decline comes after an earlier surge in silver prices, showcasing the volatility of the silver market.
Global Influences on Prices
Several global factors continue to influence the prices of both gold and silver in India. The ongoing fluctuations in demand, shifting currency values, and changes in interest rates significantly contribute to the pricing trends.
International economic events, including the strength of the U.S. dollar against other currencies and global market conditions, remain key drivers of these precious metals prices.
For gold, often seen as a safe-haven asset, a stronger dollar has led to a drop in demand, putting pressure on the prices. On the other hand, silver, widely used in industrial applications, has shown more resilience, with global demand helping to fuel the recent upward trend seen in Indian markets.
Also Read: Top Stock Picks for October 23: Navigating Market Volatility
