Gold and Silver Prices Plummet 10% After Weekend Surge

Gold and Silver Prices Plummet 10% After Weekend Surge

Gold and silver prices fluctuate today

Gold and Silver Prices Plummet 10% After Weekend Surge Today, the prices of gold and silver have exhibited significant fluctuations. The current rate for 24-carat gold is ₹7783.3 per gram, reflecting a decrease of ₹10.0, while the 22-carat gold rate is ₹7136.3 per gram, also down by ₹10.0.

In terms of percentage, 24-carat gold has seen a slight decline of 0.04% over the past week and a more substantial monthly drop of 2.93%. Meanwhile, the silver rate is recorded at ₹100,000.0 per kg, showing a reduction of ₹100.0.

In Delhi, the gold rate today is ₹77833.0 for 10 grams, which is an increase from the previous day’s rate of ₹77583.0 for the same quantity, and a slight rise from ₹77613.0 for 10 grams on 08-10-2024.

For silver in Delhi, the current rate is ₹100,000.0 per kg, up from yesterday’s ₹99,200.0 per kg, and unchanged compared to the previous week. In Chennai, gold is priced at ₹77681.0 for 10 grams, marking an increase from ₹77431.0 on 13-10-2024 and from ₹77461.0 on 08-10-2024. The silver rate in Chennai stands at ₹105600.0 per kg, a slight rise from ₹104800.0 per kg the previous day.

In Mumbai, the gold rate is currently ₹77687.0 for 10 grams, an increase from ₹77437.0 the previous day and up from ₹77467.0 last week. The silver rate in Mumbai is ₹99300.0 per kg, rising from ₹98500.0 per kg yesterday.

In Kolkata, the gold rate is ₹77685.0 for 10 grams, which is higher than ₹77435.0 on the previous day and up from ₹77465.0 last week. The silver rate in Kolkata is ₹100800.0 per kg, reflecting a slight decrease from ₹100000.0 per kg yesterday.

Gold and Silver Prices Plummet 10% After Weekend Surge In the futures market, the gold February 2025 MCX futures are trading at ₹76731.0 per 10 grams, a slight decline of ₹0.057. Meanwhile, the silver November 2024 MCX futures are priced at ₹2596.5 per kg, down by ₹11.744.

The price fluctuations of gold and silver are influenced by several factors, including input from major jewelers, global demand for gold, currency fluctuations, interest rates, and government policies. Additionally, international economic conditions and the strength of the US dollar against other currencies significantly affect gold prices in the Indian market.

Gold and Silver Prices Plummet 10% After Weekend Surge On early Monday, gold rates in the domestic futures market declined, following weak global cues and lackluster demand from the spot market. Internationally, gold prices fell as the US dollar approached its two-month highs.

As of around 9:20 am, MCX Gold was trading 0.14 percent lower at ₹76,201 per 10 grams. The dollar’s rise negatively impacts gold prices since gold is traded in dollars internationally, making it more expensive in other currencies and affecting demand.

Last week, gold prices increased due to weaker-than-expected US economic data, expectations of Federal Reserve rate cuts, and geopolitical tensions. This week, gold is anticipated to remain volatile, with traders focusing on new signals regarding Fed rate cuts and dollar movements.

Report indicates that traders estimate an approximately 89 percent chance of the Fed cutting rates by 25 basis points at its November meeting, with an 11 percent chance of maintaining current rates. According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $2,658-2,644 per troy ounce and resistance at $2,688-2,704 per troy ounce. For silver, support is at $31.40-31.15 and resistance at $32-32.40.

On the MCX, Jain noted that gold has support at ₹76,040-75,800 and resistance at ₹76,630-76,950, while silver has support at ₹91,000-90,220 and resistance at ₹92,400-93,300.

Gold and Silver Prices Plummet 10% After Weekend Surge Jain recommends buying gold on dips around ₹76,040, with a stop loss of ₹75,770 and a target of ₹76,800. He also suggests buying silver above ₹91,200, with a stop loss of ₹90,350 and a target of ₹93,200. Rahul Kalantri, VP of commodities at Mehta Equities, expects gold to find support between $2,624 and $2,605, with resistance between $2,661 and $2,678. For silver, support lies between $30.72 and $30.50, with resistance anticipated between $31.15 and $31.34.

In Indian rupee terms, gold support levels are at ₹75,980-75,810, with resistance between ₹76,460 and ₹76,670. For silver, support is projected at ₹91,050-91,450, with resistance between ₹92,290 and ₹92,680, according to Kalantri.

Gold and Silver Prices Plummet 10% After Weekend Surge Gold prices fell in major Indian cities during early trade on Monday, October 14, following a rally over the weekend. On Saturday, prices surged by ₹1,040 to reach ₹77,820 per 10 grams, driven by gains in global markets and geopolitical tensions in West Asia. During Friday and Saturday, spot gold was trading near $2,660 an ounce.

However, the upward momentum was interrupted on Monday as prices dropped to around $2,650, following disappointing economic data from China, a major consumer of gold alongside India. As a result, gold was trading 0.43% lower at $2,645 an ounce in global markets. In Delhi, 24K gold prices fell by ₹10 to ₹77,810 per 10 grams, while 22K gold also decreased by ₹10 to ₹71,340 per 10 grams.

In Mumbai, 24K gold was priced at ₹77,660 per 10 grams, and in Chennai, it was the same at ₹77,660 per 10 grams. Kolkata saw a similar price for 24K gold at ₹77,660 per 10 grams.

Gold and Silver Prices Plummet 10% After Weekend Surge Silver prices also dropped by ₹100 per kg in early trade on Monday, ending a two-day rally. The white metal had previously risen to ₹97,000 per kg on Saturday, driven by increased industrial demand and higher purchases by coin makers, with a jump of ₹2,000 per kg on Friday. Silver is now trading at ₹96,900 per kg in major Indian cities, including Delhi and Mumbai, while in Chennai, it stands at ₹1,02,900 per kg.

The rise in gold and silver prices on Saturday was attributed to strong global trends, with silver gaining ₹3,000 per kg due to festive season demand and gold prices rising by about ₹1,000 per 10 grams ahead of Diwali and Dhanteras.

As of today, the prices are as follows:

– October 14, 2024: 22K Gold at ₹71,190 per 10 grams, 24K Gold at ₹77,660 per 10 grams, and Silver at ₹96,900 per kg.

– October 12, 2024: 22K Gold was ₹71,200, 24K Gold was ₹77,670, and Silver was ₹97,000.

– October 11, 2024: 22K Gold was ₹70,240, 24K Gold was ₹76,630, and Silver was ₹96,000.

– October 10, 2024: 22K Gold was ₹70,300, 24K Gold was ₹76,690, and Silver was ₹94,000.

– October 9, 2024: 22K Gold was ₹70,990, 24K Gold was ₹77,440, and Silver was ₹95,900.

– October 8, 2024:22K Gold was ₹70,990, 24K Gold was ₹77,440, and Silver was ₹96,800.

– October 7, 2024: 22K Gold was ₹71,190, 24K Gold was ₹77,660, and Silver was ₹96,900.