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Gold and Silver Prices Fall: Declining Value in Delhi and Mumbai
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Aaj Tak
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Gold and Silver Prices Fall: Declining Value in Delhi and Mumbai

A decline in prices for gold and silver is observed in the commodities market. This drop occurred in the domestic market following a significant decrease in the international market.

On the commodity exchange (MCX), the price of gold fell by 230 rupees on October 5, reaching 151,000 rupees per 10 grams. Silver traded at 231,300 rupees per kilogram, showing a decrease of 1,300 rupees.

A decrease in precious metal prices has also been recorded in cities. In Delhi, the price of 24-carat gold dropped by 500 rupees to ₹1,54,230. The price of 22-carat gold in Delhi is ₹1,41,390, and 18-carat is ₹1,15,710. In Mumbai, the prices are as follows: 24 carat — ₹1,54,080, 22 carat — ₹1,41,240, and 18 carat — ₹1,15,560.

A decline was also noted in other towns: in Lucknow, 24-carat gold costs ₹1,54,230, 22-carat — ₹1,41,390, and 18-carat — ₹1,15,710. In Patna, 24-carat gold is valued at 1,54,130 rupees, 22-carat at 1,41,290 rupees, and 18-carat at 1,15,610 rupees.

A downturn is also visible in the global market: the price of gold fell by 0.37% to $4,336.42 per ounce, while silver decreased by 0.60% to $63.775 per ounce.

The main reason cited for the decrease in gold and silver prices is the continuous rise in energy prices. This increase raises concerns about potential interest rate hikes by the Federal Reserve and the Bank of Japan, which leads to a fall in precious metal prices.

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Fall in Gold and Silver Prices: Sharp Decline in Precious Metal Prices
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Fall in Gold and Silver Prices: Sharp Decline in Precious Metal Prices

On Monday, the first working day of the week, prices for gold and silver were observed to fall. The downward trend in the prices of gold and silver on the Multi Commodity Exchange (MCX), which began last week, continued, and both precious metals became cheaper.

The price of silver sharply dropped to the level of 2.36 thousand rupees per kilogram, while the price of gold also decreased, although it still exceeds 1.50 thousand rupees per 10 grams.

Looking at the change in the price of gold, on the MCX futures exchange, the price of gold with an expiration date of October 5 fell to 1,52,225 rupees per 10 grams after the market opened. Last Friday, it closed at the level of 1,52,767 rupees. Thus, 24-carat gold lost 542 rupees for 10 grams in a single trading session.

Last week, a significant drop in the price of gold was noted in the futures market, and this decline continues at the beginning of the current week. It is worth noting that on August 28, the price of this gold closed at 1,56,281 rupees, and since then, its value has decreased by 4,056 rupees over six trading days.

Not only the price of gold, but also the futures price of silver on MCX suddenly dropped significantly on Monday at the start of trading. The price of silver on MCX fell to 2,36,423 rupees per kilogram after the market opened, whereas last Friday it closed at 2,37,658 rupees. According to these data, the price of silver decreased by 1235 rupees per kg.

Following this recent decrease in the price of silver, the price of silver has become even lower compared to its maximum level. It should be mentioned that at the end of January this year, the futures price of silver reached a historical high of 4,20,048 rupees per kilogram, and now this precious metal can be purchased for 1,83,625 rupees less per kilogram.

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