Gold Price Today: The prices of gold and silver fluctuate daily. Recently, both gold and silver prices have seen a significant surge. Meanwhile, gold prices have been declining for the past two days. Globally, gold fell 2.9% on Wednesday to $4,004 per ounce, following a massive intraday decline of 6.3% on Tuesday. According to reports, this was the largest decline in 12 years. Silver prices fell 7.1% intraday.
The impact will be visible in the Indian market tomorrow.
This decline has not been felt in the Indian market today, as the Multi-Commodity Exchange is closed today for Diwali and Balipratipada. The global sell-off has not yet impacted the domestic market. When the MCX reopens on October 23rd, gold and silver prices may decline. However, the extent of the decline is unknown.
Silver falls by ₹20,000 on MCX.
Currently, the December gold futures price on MCX is trading at ₹1,28,000 per 10 grams, down ₹271, or 0.21%, from its previous close. Silver futures are down ₹327, or 0.22 percent, to ₹1,50,000 per kilogram.
Rates Fall After Diwali
Experts say gold and silver prices have seen a sudden drop after Diwali, a time when gold purchases peak in India. In India, gold prices have fallen from ₹1.3 lakh to around ₹1.28 lakh, while silver prices have fallen by approximately 12% since Friday. Despite the decline, gold and silver prices remain at their high levels.
Gold and silver prices are experiencing a sharp drop after Diwali. Gold has become cheaper by Rs 5,677 from its all-time high, and silver has also become more affordable by Rs 25,599 from its record high. According to the India Bullion and Jewellers Association, the price of 10 grams of 24-carat gold decreased by Rs 3,726 to Rs 1,23,907 on October 22. The price of silver has come down by Rs 10,549 to Rs 1,52,501 per kg. Earlier, silver was priced at Rs 1,63,050 per kg.