On October 21, 2024, gold costs in India declined slightly, with both rates for 24-carat and 22-carat slamming at about Rs10 per kilogram.
24-carat gold is currently Rs 7,958.3 per gram, whereas 22-carat gold is Rs 7,294.3 per gram. Silver prices also fell, dropping by Rs 100 per kilogram to Rs 102,500.0 per kilogram. Here’s a detailed analysis of gold and silver prices in large cities in India.
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Gold Price Movements in Major Cities
Delhi
In Delhi, 24-carat gold is currently Rs 79,583.0 for 10 grams. This is a tiny rise from Rs 79,163.0 the day before. The price of gold has been volatile in Delhi, ranging to Rs 77,783.0 for 10 grams last week on October 15.
Chennai
On Monday, Chennai saw a similar pattern in the 24-carat gold valued in the range of Rs 79,431.0 in 10 grams. The previous day’s price was Rs 79,011.0; however, just a week earlier, the metal was priced at Rs77,631.0 for 10 grams.
Mumbai
In Mumbai, gold prices followed the same trend as other cities, currently at Rs 79,437.0 for 10 grams of 24-carat gold. The price was up to Rs 79,017.0 for 10 grams as of October 20 the previous week, while a week earlier, it was Rs 77,637.0 for 10 grams.
Kolkata
Kolkata witnessed 24-carat gold valued in the range of Rs 79,435.0 for 10 grams. The city’s gold price was Rs 79,015.0 the previous day; one week ago, it was Rs 77,635.0 in 10 gallons.
Silver Price Movements in Major Cities
Delhi
Prices for silver in Delhi are currently at Rs 102,500.0 per kilogram today, down from Rs 102,200.0 the previous day. Significantly more than Rs 100,000.0 per kilogram on October 15, 2024. This dip is a slight reversal of an overall trend of rising silver prices over the last week.
Chennai
Chennai witnessed a dramatic increase in silver prices, which reached Rs 109,600.0 per kilogram today compared to Rs 107,800.0 earlier in the day. In the week prior, silver was trading at Rs105,600.0 per kilogram, an increase of over 50% in the market for southern silver.
Mumbai
In Mumbai, the price of silver was set at Rs 101,800.0 per kilogram, a little more than Rs 101,500.0 the day before. Last week’s price was Rs 99,300.0 per kilogram, an upward trend for silver prices.
Kolkata
Kolkata follows the exact pattern as Delhi and Mumbai Kolkata followed the same pattern, with silver being sold at Rs 103,300.0 per kilogram today. Today’s cost was Rs 103,000.0; the previous week, silver was traded at Rs 100,800.0 per kilogram.
Fluctuations and Contributing Factors
The current fluctuations of gold and silver prices are primarily due to various global influences. Which includes fluctuations concerning the strength of the US dollar and interest rates, as well as the rising tensions in geopolitics, particularly within areas like the Middle East.
The mood of investors has influenced the demand worldwide for precious metals as investors seek security-minded assets during uncertain times.
For example, gold touched record highs on the weekend in Delhi, and the price was up by more than Rs 1,300 per 10 grams, reaching a record-breaking Rs 79,570.
In the same way, silver prices increased, driven by the strong demand for industrial goods and the global market dynamic.
Global Market Trends
Globally, spot gold prices increased to $2,732.86 an ounce in the early trade on Monday before falling to $2,732.12.
The rise in gold prices on the international market also increased prices for domestic buyers in India. Investors are keeping an eye on developments coming from the US Federal Reserve, with key speeches from the officials scheduled to affect the mood of markets.
Contrary to this, silver prices also increased 1.26% to $34.08 a troy ounce on the global market. Although there were some drops, silver remains a highly sought-after commodity, with the industrial demand causing prices to rise.
MCX Futures Update
In the market for domestic futures, gold and silver futures had mixed outcomes. The gold November 2024 MCX futures traded higher by 16.993%, while silver December 2024 MCX futures witnessed a sharp decrease of 30.219%.
Price Comparisons Across the Week
Gold and silver have witnessed significant price shifts in the last few days. Gold has seen a steady price increase and a steady decline, while silver has seen a more frequent fluctuation.
- October 21, 2024: 22K Gold at Rs72,270, 24K Gold at Rs79,410, Silver at Rs99,400
- October 19, 2024: 22K Gold at Rs72,280, 24K Gold at Rs79,420, Silver at Rs99,500
- October 18, 2024: 22K Gold at Rs71,610, 24K Gold at Rs78,120, Silver at Rs96,900
- October 15, 2024: 22K Gold at Rs71,140, 24K Gold at Rs77,610, Silver at Rs96,900
This information illustrates the high volatility and substantial need for gold and silver in the global and domestic markets.
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