Gold and Silver Rate: Gold and silver prices fall sharply; know the latest rates
Gold and Silver Price Today: Gold and silver prices fell after better-than-expected US jobs data raised concerns that the Fed might not cut rates in December. Gold and silver prices fell on both COMEX and MCX amid global pressure and a weak rupee.
Gold and Silver Price Today: Gold and silver prices continue to fluctuate. Sometimes there are sharp declines, sometimes there are slight increases. The precious metals market is extremely volatile these days. Based on the latest rates from the Indian Bullion and Jewelers Association (IBJA), the All India Sarafa Association, and MCX, today’s gold and silver prices are as follows.
Morning gold and silver rates according to IBJA
| accuracy |
price |
| 24 carat gold |
₹1,23,146 per 10 grams |
| 23 carat gold |
₹1,22,653 per 10 grams |
| 22 carat gold |
₹1,12,802 per 10 grams |
| 18 carat gold |
₹92,360 per 10 grams |
| 14 carat gold |
₹72,040 per 10 grams |
| Silver 999 purity |
₹1,51,129 per kilogram |
Today’s Trend on MCX (Multi Commodity Exchange)
Both gold and silver witnessed pressure in the futures market on Monday. Gold futures for December delivery fell by ₹355, bringing the price down to ₹1,22,372 per 10 grams. A total of 10,453 lots were traded during this period. December silver futures also remained weak, seeing a sharp decline of ₹2,111. After the decline, its new price was ₹1,52,040 per kilogram, with a total of 12,907 lots traded.
Why the Fall in Precious Metals?—Experts’ Opinion
Renisha Chainani, Research Head at Augmont, reported, “Better-than-expected US employment data has strengthened the possibility that the Federal Reserve will not cut interest rates in December. This has led to increased pressure on gold and silver internationally.” US non-farm payrolls reached 119,000 in September, significantly higher than the estimated 50,000. He also said that the sharp fall in the rupee limited the decline in gold prices in the domestic market in the later hours.
Meanwhile, according to Jatin Trivedi, VP Research Analyst at LKP Securities, COMEX gold fell by about 1% in the global market to $4,035. However, the rupee’s weakness kept the decline in gold prices on MCX somewhat under control. He says that US jobs data weakened expectations of a possible rate cut by the Fed in December, which is putting global sentiment under pressure. According to Trivedi, gold may fluctuate around ₹120,000 per 10 grams in the near future.
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