Gold and Silver Prices Decline Amidst Global Market Fluctuations
Gold price dips ₹10 to ₹1,58,280; silver price falls ₹100 to ₹2,84,900
Business Standard
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Gold prices fell by ₹10 to ₹1,58,280 per 10 grams, while silver dropped by ₹100 to ₹2,84,900 per kilogram. The decline comes as US tensions impact global markets, leading to rising oil prices and inflation concerns.
- 01The price of 24-carat gold is now ₹1,58,280 per 10 grams in major Indian cities.
- 02Silver is priced at ₹2,84,900 per kilogram in Delhi, Kolkata, and Mumbai.
- 03The price of 22-carat gold stands at ₹1,45,090 per 10 grams across several cities.
- 04In Chennai, 24-carat gold is priced higher at ₹1,59,810 per 10 grams.
- 05Global market factors, including US attacks on Iran, are influencing gold and silver prices.
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In early trading on Thursday, the price of 24-carat gold decreased by ₹10, bringing the total to ₹1,58,280 for ten grams, as reported by GoodReturns. Concurrently, silver prices fell by ₹100, with one kilogram now costing ₹2,84,900. The price of 22-carat gold also saw a decline of ₹10, settling at ₹1,45,090 for ten grams. Regional variations in gold prices were noted, with Chennai reporting the highest price for 24-carat gold at ₹1,59,810 per ten grams. In contrast, Delhi's price for the same was slightly lower at ₹1,58,430. The decline in gold and silver prices is attributed to rising oil prices following recent US military actions against Iran, which have heightened inflation concerns and affected interest rate forecasts. Furthermore, the dollar's strength has made gold more expensive for international buyers, contributing to the downward trend. As of the latest updates, spot gold is down 0.8% at $4,419.60 per ounce, while silver has decreased by 1.7% to $73.34 per ounce.
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The decline in gold and silver prices may affect local jewelry markets and consumer purchasing decisions in India.
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