Gold and Silver Prices See Minor Decline Across Indian Cities

Gold prices have witnessed a minor decline across various Indian cities on Tuesday, October 8, 2024. The cost of 24-carat gold currently stands at ₹7,761.3 per gram, marking a decrease of ₹220. The 22-carat gold, on the other hand, is priced at ₹7,116.3 per gram, reflecting a reduction of ₹200.

The price trends indicate a decrease of 0.99% in the value of 24-carat gold over the past week, while a more significant dip of 5.63% has been observed over the last month. Specifically, the price per 10 grams of 24-carat gold was ₹77,843 the previous day and ₹77,073 a week ago.

In the realm of silver, the current price in Delhi is recorded at ₹100,000 per kilogram. This represents a slight drop from ₹100,100 observed the previous day, although still higher than last week’s rate of ₹98,000. In Chennai, the silver price today stands at ₹105,600 per kilogram, down from ₹105,700 the day prior, with last week’s rate at ₹103,600.

Other cities such as Mumbai and Kolkata also show a decrease in silver prices. In Mumbai, silver is priced at ₹99,200 per kilogram, whereas in Kolkata it is ₹100,800 per kilogram. These figures display a slight decline from the respective prices recorded the previous day and the previous week.

Furthermore, gold February 2025 MCX (Multi Commodity Exchange) futures are trading at ₹76,395 per 10 grams, indicative of a decrease of 0.218%. Silver November 2024 MCX futures, however, present a contrasting trend with a substantial rise, trading at ₹2,140 per kilogram, marking an increase of 20.699%.

The fluctuation in the prices of gold and silver is largely driven by factors influencing global demand, currency values, and government regulations. Insights from jewelers suggest that international developments, economic conditions, and particularly the strength of the US dollar compared to other currencies, play significant roles in determining market trends in India.