How much did gold prices rise today, and what is the selling price of silver? Check the latest rates.
Gold and silver prices have declined compared to earlier levels. During yesterday's trading session, prices for both metals fell in the futures market, halting a two-day rally for gold.
After a two-day rise, the price of gold in the futures market fell by ₹431 on Friday, settling at ₹1,55,344 per 10 grams. The decline occurred as investors adopted a cautious stance ahead of the release of US non-farm payroll data. On the Multi Commodity Exchange (MCX), gold futures for October delivery dropped by ₹431 (0.28%) to ₹1,55,344 per 10 grams.
Why did gold prices fall?
According to traders, the price drop was driven by profit-booking following the recent rally. Additionally, investors remained cautious ahead of the US non-farm payroll data, which could provide fresh signals regarding the US Federal Reserve's stance on interest rates.
It is worth noting that this is a crucial economic data point released by the US Department of Labor; it reflects the total number of new jobs added to the economy in the previous month, excluding the agricultural sector, private household employees, and staff at non-profit organizations (NGOs).
Meanwhile, on the global stage, COMEX gold futures for December delivery in New York saw a marginal decline, settling at $4,528.54 per ounce. Gaurav Garg, Head of Research at brokerage platform Lemon, stated, "The market is keeping a close watch on the US non-farm payroll data, which could determine the future direction of the dollar, bond yields, and precious metals."
Silver prices
Amidst profit-booking and cautious sentiment in global markets, the price of silver in futures trading fell by ₹749 on Friday, settling at ₹2,41,600 per kilogram. Meanwhile, the rally in silver prices observed over the past two days has come to a halt.
On the Multi Commodity Exchange (MCX), the futures price of silver for December delivery fell by ₹749 (0.31%) to ₹2,41,600 per kilogram. Analysts attributed the pressure on silver prices to profit-booking by investors following the recent surge.
Retail Prices of Gold and Silver Today
Today, the price of 24-carat gold stands at ₹1,56,670 per 10 grams, up ₹10 from yesterday. Similarly, the price of 22-carat gold is ₹1,43,610 per 10 grams, which is also up by ₹10 from yesterday.
On the other hand, the price of silver has dropped by ₹1 today to ₹2,499 per 10 grams. Consequently, the price for 100 grams of silver is ₹24,990 today, down from ₹25,000 yesterday. Likewise, the price of 1 kilogram of silver stands at ₹2,49,900, down ₹100 from yesterday.
