New Delhi: There is welcome news for those planning to purchase gold and silver on the occasion of Dhanteras. A significant decline in gold and silver prices has been recorded on the Multi Commodity Exchange (MCX). The futures price of gold fell by ₹2,428 per 10 grams, settling at ₹141,667. Meanwhile, the price of silver dropped by ₹3,100 per kilogram, with the December silver futures contract reaching ₹184,050.
This decline in precious metals comes at a time when crude oil prices are witnessing an upward trend in the international market.
Gold and Silver Prices Fall in the International Market Too
Gold and silver prices have also declined in the international market. According to available market data, the price of gold fell by 1.46% to $4,053.8 per ounce.
Similarly, the price of silver dropped by 1.70%, reaching $51.485 per ounce.
New Gold and Silver Rates in Delhi
In the Delhi bullion market, a marginal increase in gold and silver prices was observed. Based on the latest figures, the prices for gold of various purities in Delhi are as follows:
Gold Purity Price
24-Carat Gold ₹146,180 per 10 grams
22-Carat Gold ₹134,010 per 10 grams
18-Carat Gold ₹109,680 per 10 grams
Silver ₹210,100 per kilogram
Thus, gold and silver prices currently stand at different levels on the MCX and in the Delhi market. Surge in Crude Oil Prices Puts Pressure on Gold and Silver
The strengthening of crude oil prices is being cited as a key reason for the decline in the prices of gold and silver. Brent crude oil has jumped by nearly 2% and is currently trading at $100 per barrel.
The rise in crude oil prices has strengthened the dollar index, while the rupee is facing downward pressure. In this environment, the prices of precious metals like gold and silver have seen a decline.
Gold and Silver Prices Well Below Record Highs
According to the data, the record high for silver on the MCX (Multi Commodity Exchange) stands at Rs 4.20 lakh per kilogram. At the current price of Rs 1.84 lakh per kilogram, silver is trading approximately Rs 2.36 lakh below its record high.
Similarly, the record high for gold is reported at Rs 1.93 lakh per 10 grams. At the current price of Rs 1,41,667, gold is about Rs 51,000 below its record peak.
This decline in prices is significant for those planning to purchase gold and silver during Dhanteras and the festive season. However, before making a purchase, be sure to check the latest bullion rates and making charges in your city.
