Gold and silver prices saw notable movement as of October 22, 2024, with an increase in both commodities, reflecting ongoing fluctuations driven by global economic conditions and demand.
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Gold Prices on the Rise
In today’s trading, 24-carat gold stands at Rs 7982.3 per gram, up by Rs 240 from yesterday’s rate. Similarly, 22-carat gold is priced at Rs 7318.3 per gram, marking a Rs 240 increase.
Despite this short-term rise, the price of 24-carat gold has seen a 2.55% decline over the past week and a 4.4% drop over the last month.
In Delhi, the price of 24-carat gold reached Rs 79823.0 for 10 grams today, compared to Rs 79593.0 on October 21 and Rs 77563.0 on October 16. This increase reflects a week-on-week rise of approximately Rs 2260.0, showcasing a stronger trend in the capital city.
Chennai saw gold prices today at Rs 79671.0 for 10 grams, up from Rs 79441.0 yesterday and Rs 77411.0 last week. The upward trend in Chennai mirrors the broader national trend of rising gold prices. The week-to-week increase here is slightly lower at Rs 2260.0.
In Mumbai, gold is trading at Rs 79677.0 per 10 grams, a Rs 230 increase from yesterday’s Rs 79447.0 and a rise of Rs 2260.0 from last week’s Rs 77417.0. Similarly, in Kolkata, today’s gold price is Rs 79675.0 for 10 grams, up from Rs 79445.0 yesterday and Rs 77415.0 last week.
Silver Prices Surge
Silver prices have seen a sharper increase compared to gold, with today’s rate for silver standing at Rs 104200.0 per kilogram, an increase of Rs 1700 from yesterday’s Rs 102600.0. Over the past week, the silver price has risen by Rs 4200, from Rs 100000.0 on October 16.
In Delhi, the silver rate today is rs 104200.0 per kilogram, compared to Rs 102600.0 on October 21 and Rs 100000.0 on October 16, highlighting a week-on-week gain of Rs 4200.
Silver prices surged even more sharply in Chennai, reaching Rs 111800.0 per kilogram today, up from Rs 109700.0 yesterday and Rs 105600.0 last week. This represents a significant week-on-week increase of Rs 6200.0, driven by heightened local demand.
Mumbai follows a similar trend, with the price of silver standing at Rs 103500.0 per kilogram today, up from Rs 101900.0 on October 21 and Rs 99200.0 last week. This reflects an increase of Rs 5300.0 over the past week.
Meanwhile, in Kolkata, silver prices are at Rs 105000.0 per kilogram today, compared to Rs 103400.0 yesterday and Rs 100800.0 last week. The week-on-week change here amounts to a rise of Rs 4200.0.
Market Futures Movement
The futures market also showed varying trends, with gold November 2024 MCX futures trading at Rs 216.0 per 10 grams, reflecting a decrease of 12.195%. Silver November 2024 MCX futures were trading at Rs 4302.0 per kilogram, down by 7.484%.
Factors Driving Price Movements
Many factors influence these fluctuations in gold and silver prices. Global demand for gold, currency exchange rates, interest rates, and government regulations contribute to the volatility of precious metal prices.
International economic conditions and the strength of the US dollar continue to impact the Indian gold market.
With the festive season approaching and global markets responding to economic trends, it will be interesting to watch how these factors continue influencing gold and silver prices in the coming days.
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