Gold Silver Price: Big update on gold and silver, why the market crashed after hitting record highs, find out today's new rates.
Gold and Silver Price: Gold and silver prices fell today. 24-carat gold fell to ₹1,09,733 per 10 grams, and silver to ₹1,25,756 per kg. After hitting record highs, prices fell due to profit-booking and international factors.
According to the website of the Indian Bullion and Jewelers Association (IBJA), the following were the gold and silver prices as of Thursday morning.
24-carat gold: ₹1,09,733 per 10 grams
23-carat gold: ₹1,09,294 per 10 grams
22-carat gold: ₹1,00,515 per 10 grams
18-carat gold: ₹82,300 per 10 grams
14-carat gold: ₹64,194 per 10 grams
Silver (999 purity): ₹1,25,756 per kg
Delhi Bullion Market Prices
According to the All India Bullion Association, gold and silver prices in the Delhi market also declined from their highest levels.
Gold: ₹1,13,800 per 10 grams (down ₹1,300)
Silver: ₹1,31,200 per kg (down ₹1,670)
International Market Situation
Spot gold fell nearly 1% to $3,664.82 per ounce in the global market on Wednesday.
Silver also fell nearly 3% to $41.38 per ounce.
Decline in futures trading
Gold and silver futures prices also fell on the Multi Commodity Exchange (MCX):
Gold October delivery: ₹1,09,897 per 10 grams (a drop of ₹259)
Gold December delivery: ₹1,10,953 per 10 grams (a drop of ₹232)
Silver December delivery: ₹1,27,553 per kg (a drop of ₹1,267)
Silver March delivery: ₹1,29,160 per kg (a drop of ₹1,169)
What is the reason for the decline?
Investors have exercised caution ahead of the Federal Reserve's upcoming monetary policy meeting. Profit-booking at higher levels has put pressure on both metals. Experts believe that if the Fed adopts a dovish stance on interest rates, gold and silver could see a rebound. According to Jatin Trivedi, Vice President (Commodity and Currency Research) at LKP Securities, a market decline of 1-2% is possible even if clear guidance is not issued.
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