Gold and Silver Prices Today
Gold and Silver Prices Today
Gold and Silver Prices Today: Gold Falls by ₹4,500, Silver Drops by ₹13,500 This Week
This week has not been favourable for gold and silver prices, with both precious metals witnessing significant declines. However, on the final trading day of the week, Friday, gold and silver prices remained unchanged in the Delhi bullion market. Gold was steady at ₹1,49,900 per 10 grams.
Silver Remains Stable at ₹2.15 Lakh per Kilogram
Silver prices also remained unchanged in the Delhi bullion market, holding steady at ₹2.15 lakh per kilogram.
However, both gold and silver recorded gains in the international market. Gold rose by 0.13% to trade at $4,176 per ounce, while silver gained 0.30% to reach $57.58 per ounce.
Silver Becomes Cheaper by ₹13,500 in Delhi This Week
Gold prices in the Delhi bullion market declined by 3%, or ₹4,500 per 10 grams, during the week.
Silver witnessed a sharper fall, dropping by ₹13,500, or around 6%, over the same period.
The decline in gold and silver prices during the festive season could bring some relief to buyers. In India, purchasing gold and silver is a long-standing tradition during festivals, making price movements particularly important for consumers.
Rupee Strength Limits Gold’s Recovery
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Vikram Shubraj, CEO of digital asset trading firm Giottus.com, said the Indian rupee strengthened against the US dollar for the sixth consecutive session on Friday.
The rupee gained 7 paise to reach 94.92 against the dollar. The stronger rupee limited gold’s recovery, as a stronger domestic currency reduces the cost of importing gold into India, which can influence domestic prices.
Gold Recovers in the International Market
Renisha Chainani, Chief Research Officer at Augmont, said that a softer US Dollar Index supported the recovery in international gold prices.
Before this recovery, gold had fallen to an 18-month low. Silver had also experienced a sharp decline.
According to market experts, gold prices may remain within a limited trading range in the short term as investors assess global economic developments and monetary policy signals.
Bullion Market Awaits the Federal Reserve’s Policy Decision
The bullion market is closely watching the US Federal Reserve’s monetary policy decision expected later this month.
During the IMF’s annual meeting in Thailand on Friday, Federal Reserve Chair Kevin Warsh declined to provide any indication about the policy decision scheduled for October 28.
However, the Federal Reserve chair has indicated that controlling inflation remains a key priority. The upcoming policy decision could influence the US dollar, global bond yields, and the direction of gold and silver prices.