On the 15th of October, the gold price saw the slightest dip, extending the current trend of a volatile market for precious metals. The cost of 24-carat gold was Rs7778.3 per gram, which is an increase in the amount of Rs50.0 over the prior day.
Similar to that, the price of 22-carat gold experienced decreases, decreasing to Rs50.0 up to Rs7131.3 for a gram. The downward trend is due to an -0.3% change in the price of 24-carat gold in the last week, but a much more significant decrease of -3.12% in the last month.
As of today, the price of silver remained stable at ₹100000.0 per kilogram.
Also Read: Market Outlook & Trade Setup for October 15: Nifty 50 and Bank Nifty Brace for Flat Start
Gold and Silver Prices Across Major Cities
In Delhi, Gold prices aligned with the nation’s trend, and 24-carat gold was priced at Rs77783.0 per 10 grams. This is a slight drop from the previous day’s price of Rs77843.0 for 10 grams. But, compared to the rate last week of Rs77613.0 on the 9th of October, it was a slight rise.
The prices of silver in the capital city showed a slight drop. The current price stands at Rs100000.0 for a kilogram.
This is a decrease from Rs100100.0 per kilogram on the 14th of October. Silver was at Rs99000.0 per kilogram the previous week on the 9th of October and has steadily risen in the past seven days.
In Chennai, the gold prices today are Rs77631.0 per 10 grams. This is down by Rs77691.0 for 10 grams on the previous day. One week ago, on the 9th of October, the price of gold was Rs77461.0, showing an upward trend despite the decline today.
Silver Chennai is valued in the range of Rs105600.0 for a kilogram in Chennai. This is a decrease of Rs100.0 from the price yesterday of Rs105700.0. Last week, silver was trading at Rs104600.0 in kilograms, indicating an increase in price in the previous week.
In Mumbai, the rate of gold is Rs77637.0 to 10 g. This is down from Rs77697.0 yesterday; however, it is slightly higher than Rs77467.0 last week.
The price of silver in Mumbai currently will be Rs99300.0 per kilogram, which is a lower price than Rs99400.0 yesterday but more than the price last week of Rs98300.0.
In Kolkata, the current price of gold is Rs 77635.0 per 10 grams. This is the decrease in value from Rs77695.0 in 10 grams on the 14th of October. Last week’s price was Rs77465.0 for 10 grams, indicating an increase in the previous seven days.
Today’s silver price in Kolkata currently stands at Rs100800.0 per kilogram, which is lower than Rs100900.0 yesterday but still higher compared to Rs99800.0 per kilogram recorded one week ago.
Futures Market Update
In the futures market, December 2024, MCX gold futures are being traded in the range of Rs75921.0 for 10 grams, an increase of 0.164% at the publication date. The November 2024 MCX silver futures are lower by 0.627% and are being traded in the range of Rs 2375.5 each kilogram.
Factors Influencing Gold and Silver Prices
The volatility of silver and gold prices remains affected by many variables. Demand from around the world, fluctuations in currency, interest rates, and government policies governing the gold market are some significant factors.
The strength of the US dollar, in conjunction with the overall state of the world economy, is a critical factor in shaping the patterns observed within market conditions in the Indian market.
Jewelers’ input also contributes to price changes because supply and demand variables change globally.
The fluctuation in prices daily keeps investors on guard since external factors like geopolitical events and shifts in economic policy continue to affect the cost of these metals.
Also read: Top Stock Picks for October 15: A Technical Look at Today’s Best Buys