Gold and Silver Prices Today, October 23: Gold and silver prices globally continue to rise due to uncertainty surrounding the upcoming US presidential elections and global woes. The latest BRICS nations’ push towards de-dollarisation has boosted the demand for precious metals. On October 23, gold prices in India crossed the Rs 80,000 mark.
The price of 24-carat gold, known for its highest purity, stood at Rs 80,220 per 10 grams. For jewellery buyers, 22-carat gold, which is more durable due to its alloy composition, was priced at Rs 73,550 per 10 grams, according to goodreturns.in.
However, in the futures market, gold prices are yet to touch the Rs 80,000 mark. On the MCX, gold prices for the December 5, 2024, contracts rose 0.06 per cent to Rs 78,702 per 10 grams. Siver was trading at Rs 99,791 per kg.
Silver Rate Today
Silver rose by an even greater margin rising above the Rs 1 lakh mark to trade at Rs 1,04,000 per kilogram.
Why Are Gold, Silver Prices Rising?
Rahul Kalantri, vice-president (commodities) of Mehta Equities, said, “Gold and silver demonstrated strong momentum on Tuesday, with gold prices reaching new highs, surpassing $2,750 per troy ounce, while silver hit fresh 12-year highs at $35 per troy ounce. In India, for the first time, silver on the MCX platform crossed the five-digit mark per kilogram. Uncertainty surrounding the upcoming US presidential elections, coupled with the BRICS nations’ push towards de-dollarisation, is driving demand for precious metals.”
With the elections just around the corner, the growing unpredictability over Kamala Harris’ prospects is further fuelling the safe-haven appeal of gold and silver. However, the strengthening dollar index and US bond yields may limit gains in these metals, he added.
Gold Rate Today In India: Retail Gold Price On October 23
Check gold prices today in different cities on October 23, 2024; (In Rs 10/gram)
Retail Cost of Gold in India
What Is The Retail Price Of Gold Per Gram?
Gold price per gram refers to the cost of a single gram of gold, typically expressed in a currency like Indian Rupees. This price fluctuates daily based on several factors, including economic conditions, geopolitical events, and supply-demand dynamics.
In India, the retail price of gold, the final cost consumers pay, is influenced by more than just its market value. Various factors, such as import duties, taxes, and currency exchange rates, play a significant role.
Gold holds deep cultural significance in India, serving as a popular investment and playing a central role in weddings and festivals.
As market conditions evolve, investors and traders closely monitor these trends. Stay tuned for further updates.
Comments
0 comment