Silver has also faced significant pressure, falling by as much as Rs 10,000 per kilogram over two days. As a result, the price of silver has declined by a total of Rs 15,000 per kilogram over the past 11 days. Rising crude oil prices, inflation concerns and escalating tensions in West Asia are influencing market sentiment and putting pressure on precious metal prices.
Gold Prices Remain Unchanged Today
On October 24, the price of 10 grams of 24-carat gold increased by Rs 100, while 22-carat gold also became costlier by Rs 100. However, both categories remained unchanged the following day, with prices continuing to hold steady today.
Before this increase, gold prices had remained stable for one day before declining for two consecutive days. During that period, 24-carat gold fell by Rs 3,600 per 10 grams, while 22-carat gold dropped by Rs 3,300 per 10 grams. Following this recent decline, the market is now showing signs of stability.
Gold prices vary across India's 10 major cities for 18-carat, 22-carat and 24-carat purity levels. Differences in local taxes, jewellery market conditions and other charges can lead to variations in prices from one city to another. Buyers are advised to confirm the latest rates in their respective cities before making a purchase.
In Delhi, 10 grams of 24-carat gold is priced at Rs 1,42,730, while 22-carat gold costs Rs 1,30,850 and 18-carat gold is priced at Rs 1,07,090.
In Mumbai, Kolkata, Chennai, Bengaluru and Hyderabad, the price of 10 grams of 24-carat gold stands at Rs 1,42,580. The rate for 22-carat gold in these cities is Rs 1,30,700, while 18-carat gold costs Rs 1,06,940 in Mumbai, Kolkata, Bengaluru and Hyderabad, and Rs 1,06,950 in Chennai.
In Lucknow and Jaipur, 24-carat gold is priced at Rs 1,42,730 per 10 grams, while 22-carat gold costs Rs 1,30,850 and 18-carat gold is priced at Rs 1,07,090.
In Patna and Ahmedabad, the price of 10 grams of 24-carat gold is Rs 1,42,630. The rate for 22-carat gold stands at Rs 1,30,750, while 18-carat gold costs Rs 1,06,990.
Silver Prices Remain Stable for Second Consecutive Day
Silver prices also remained unchanged today, extending the pause in price movements for a second consecutive day. Before this period of stability, silver had remained at the same level for six consecutive days, after which its price fell by Rs 10,000 per kilogram over two days.
Silver had also recorded a decline of Rs 5,000 per kilogram on October 15. With these reductions, the price of one kilogram of silver has fallen by a total of Rs 15,000 over the past 11 days.
In Delhi, silver is currently priced at Rs 2,20,900 per kilogram. The same price has also been reported in Mumbai, Chennai and Kolkata.
Why Are Gold and Silver Prices Under Pressure?
According to Gaurav Garg, Head of Research at Lemonn, rising crude oil prices are putting pressure on gold and silver. Brent crude has crossed $112 per barrel, strengthening concerns about rising inflation. This has also increased the possibility that the US Federal Reserve could keep interest rates elevated for an extended period.
Gold and silver are investment assets that do not provide regular interest income. When other interest-bearing investment options become more attractive, demand for precious metals can come under pressure. Expectations of higher interest rates can therefore influence the prices of both gold and silver.
According to Garg, investors are now closely watching the US Federal Reserve's meeting scheduled for October 27 and 28. The meeting could provide indications about the future direction of interest rates. The Fed's decisions and subsequent statements may affect gold and silver prices.
He also said that rising tensions in West Asia and concerns about disruptions to global supplies following attacks on Saudi Arabia's energy infrastructure are among the factors driving crude oil prices higher.
If crude oil prices remain elevated, concerns over inflation and interest rates could continue to influence market sentiment. For now, gold and silver prices remain stable after their recent declines, but their next moves will depend on crude oil prices, developments in West Asia and signals from the US Federal Reserve.
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