Gold slips again today; sharp decline in silver prices too—check the latest rates.
Gold and silver prices are declining ahead of Dhanteras and Diwali. This trend is being influenced by rising crude oil prices—driven by geopolitical tensions in West Asia—and concerns regarding inflation.
Gold and silver prices continue to fall today. Compared to yesterday, October 22, prices for gold today, October 23, have dropped by between ₹1,110 and ₹1,690 per 10 grams.
What is the price of gold today?
While the price of 24-carat gold stood at ₹1,46,070 per 10 grams yesterday (Thursday), it is priced at ₹1,44,530 today—a direct decrease of ₹1,540. Similarly, the price of 22-carat gold, which was ₹1,33,890 per 10 grams yesterday, has fallen by ₹1,390 to reach ₹1,32,500 today. The price of 18-carat gold has also decreased by ₹1,110, dropping from yesterday’s ₹1,09,550 to ₹1,08,440.
What is the price of silver today?
Today, October 23, 2024, silver prices in the country's bullion markets are also seeing a sharp decline. Compared to yesterday, silver has become cheaper by up to ₹5,000. Today, the price of silver is ₹2,25,000 per kilogram, while 100 grams of silver is priced at ₹22,500.
Why are prices falling?
During periods of geopolitical uncertainty, gold is traditionally considered a safe-haven investment. However, rising crude oil prices are fueling concerns about inflation, which in turn strengthens the likelihood that interest rates will remain high.
According to CNBC-TV18, Ashish Rajodia, Head of Commodities at PL Capital, stated, "Gold is caught between geopolitical uncertainty and concerns over high interest rates. Rising crude oil prices have reignited inflationary fears. Meanwhile, the US Federal Reserve's hawkish stance, climbing bond yields, and a strong dollar are diminishing the appeal of investments like gold and silver. Silver faces additional pressure, as rising borrowing costs are expected to impact industrial demand negatively."
Gaurav Garg, Head of Research at Lemonn, also noted that gold and silver are under selling pressure, as surging crude oil prices have revived concerns about inflation. Furthermore, expectations have strengthened that interest rates in the US may remain elevated for a longer period. He added that the market is closely watching the US Federal Reserve's meeting scheduled for October 27–28, as well as upcoming US inflation data. In India, the prices of gold and silver are influenced by the rupee-dollar exchange rate, rates in international markets, import costs, and taxes.
