Gold-Silver Price Crash: If you are preparing to buy gold and silver on the day of Karva Chauth, then there is good news for you. On October 29, the prices of gold and silver have fallen in the domestic market. On MCX, gold has fallen to Rs 1.43 lakh per 10 grams while silver has also become cheaper by Rs 1400 in the morning. In such a situation, those shopping on the occasion of festival can get relief. If you are also thinking of buying new gold and silver jewelery as a sign of good fortune, then first check the latest rates of your city. Know here the prices of 24 carat and 22 carat gold in Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad…
Silver cheaper by Rs 1400 on MCX, gold at Rs 1.43 lakh
A fall in the prices of gold and silver was also recorded in the Multi Commodity Exchange (MCX) on Thursday. Gold is trading at the level of ₹ 1,43,544.00, in which a decline of ₹ 161.00 (0.11%) has been registered. On the other hand, silver is at the price of ₹ 1,92,911.00, which has a big fall of ₹ 1,414.00 (0.73%). According to market experts, due to this slowdown in gold and silver prices on MCX, buyers may get some more benefit in the festive season.
Gold Rate Today: Latest prices of 22 and 24 carat gold (per 10 grams) in major cities of the country.
- Delhi: The price of 24 carat gold is ₹ 1,43,490 per 10 grams, while the price of 22 carat gold is ₹ 1,31,533.
- Mumbai: The price of 24 carat gold is ₹ 1,43,740, while the price of 22 carat gold is ₹ 1,31,762.
- Chennai: The price of 24 carat gold is ₹ 1,44,160, while the price of 22 carat gold is ₹ 1,32,147.
- Kolkata: The price of 24 carat gold is ₹ 1,43,550 per 10 grams, while the price of 22 carat gold is ₹ 1,31,588 per 10 grams.
- Bengaluru: The price of 24 carat gold is ₹ 1,43,850, while the price of 22 carat gold is ₹ 1,31,863.
- Hyderabad: The price of 24 carat gold is ₹ 1,43,970, while the price of 22 carat gold is ₹ 1,31,973.
24 carat gold is considered the purest, while 22 carat gold is generally used in making jewellery. Other metals are added to it, which makes the jewelery stronger.
Silver Rate Today: Silver price in big cities today
Along with gold, the prices of silver have also declined. 999 fine silver contains 99.9% pure silver. It is used to buy silver coins and bars for investment.
The price of silver per kg in major cities on October 29 is as follows….
- Mumbai: ₹1,94,640
- Delhi: ₹1,94,300
- Chennai: ₹1,95,200
- Kolkata: ₹1,94,380
- Bengaluru: ₹1,94,790
- Hyderabad: ₹1,94,950
Before buying gold and silver on Karva Chauth, find out about the price and offers from your local jeweler, because making charge and GST will also be included in the bill that comes for making or buying jewellery.
Gold-Silver Price Today: Why did the prices of gold and silver fall?
A major reason behind the fall in gold and silver prices is the US Federal Reserve’s decision on interest rates. The Federal Reserve has kept the interest rates stable in the range of 3.75% to 4.00%. According to the report, the Fed has decided to postpone the change in interest rates until after the US midterm elections to be held next week. However, the market was already expecting this decision.
Let us tell you that whenever interest rates increase in America, the shine of gold starts fading a little. The simple reason for this is that when interest rates are higher in banks or other places, investors get good returns from there, whereas gold itself does not get any interest. This is the reason why when interest rates increase, people start withdrawing money from gold and investing it elsewhere. To put it in simple language, there is an inverse relationship between interest rates and gold prices…when interest rates increase, gold prices often start falling.
Gold and silver prices fell in the international market
A decline in gold prices was also seen in the international market. Spot gold fell 0.5% to $ 4,039.39 an ounce. At the same time, the price of American gold futures for December delivery fell 0.6% and closed at $ 4,051.60 an ounce.
Source: ndtv.in
