According to the official website of the Indian Bullion Jewelers Association, the current rate of gold opened at INR 56,527 per 10 grams. This shows a decline from its previous closing rate of INR 56,675 per 10 grams, marking a drop of INR 148 per 10 grams today. Furthermore, just the day before, the gold rate had witnessed a decrease of INR 1,142. Currently, gold is trading about INR 5,058 below its all-time high. This peak was reached on May 11, 2023, when gold surged to INR 61,585 per 10 grams.
On the silver front, it began the day at INR 67,091 per kilogram, a slight increase from its last closing rate of INR 67,037 per kilogram, showcasing a rise of INR 54 per kilogram. Remarkably, silver is trading at a rate which is INR 9,373 below its all-time high, which was recorded at INR 76,464 on May 4, 2023.
Midday trading on the Multi Commodity Exchange (MCX) also reflected these trends. As of noon on October 5, 2023, gold futures were trading at INR 56,265, showing a decline of INR 14. Concurrently, futures for silver slated for December 5, 2023, were trading at INR 67,043, marking a dip of INR 351.
Internationally, gold trading reflected a similar downward trajectory. In the U.S., the yellow metal traded at $1,818.35 per ounce, a drop of $5.33. Meanwhile, silver was trading at $21.03 per ounce, registering a decline of $0.18.
In summary, both the domestic and international markets are currently witnessing downward trends in the prices of gold and silver. It’s essential for investors and potential buyers to remain informed about these market dynamics to make informed decisions.
Image Credit – Aaj Tak
