- Gold and silver prices fell sharply after US PCE inflation rose 0.5% in September
- December gold futures dropped 2.9% to Rs 1,38,249 per 10 gm on Oct 30 on MCX
- Silver declined about 5.5% to Rs 1,79,132 per kg during the same session
Gold and silver prices fell sharply after US personal consumption expenditures (PCE) inflation rose 0.5% in September, taking the annual inflation rate to 3.6%. The hotter-than-expected inflation reading fuelled expectations that the US Federal Reserve may keep interest rates higher or raise them further to contain price pressures, putting additional pressure on non-yielding assets such as gold and silver.
Gold futures expiring in December declined 2.9% in a single session to Rs 1,38,249 per 10 grams on the Multi Commodity Exchange on Oct. 30. Silver declined more sharply than gold, dipping to Rs 1,79,132 at the close on Oct. 30, declining around 5.5% during that session itself.
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However, in the international market, on Monday, Nov. 2, Comex gold has rebounded with a 0.24% surge in the price and, at around 01:07 GMT, it was trading at $3.908.3 per ounce.
Comex silver also rebounded after a sharp fall and was trading at $49.795 per ounce, gaining around 1.05% in early trading today.
Coming back to India, around 6:30 a.m. today, 24K gold prices stood at Rs 1,38,850 per 10 gm, while Silver was at Rs 1,79,460 per kg.
Meanwhile, 22K gold stood at Rs 1,27,279 per 10 gm, while 925 sterling silver was at Rs 1,66,001 per kg, as per Bullion.co.in.
Also Read: Your Rs 1 Lakh Buys 25% More Gold This Dhanteras Than In January. Should You Invest?
City-Wise Gold Rates
Here are 24K gold prices in major cities based on the latest data:
Mumbai: Rs 1,38,600 per 10gm
Delhi: Rs 1,38,360 per 10gm
Chennai: Rs 1,39,000 per 10gm
Kolkata: Rs 1,38,410 per 10gm
Bengaluru: Rs 1,38,710 per 10gm
Hyderabad: Rs 1,38,820 per 10gm
In Mumbai, 22K gold was at Rs 1,27,050; Delhi at Rs 1,26,830; Chennai at Rs 1,27,417; Kolkata at Rs 1,26,876; Bengaluru at Rs 1,27,151; and Hyderabad at Rs 1,27,252 per 10gm.
City-Wise Silver Rates
Here are Silver 999 Fine prices in major metro cities based on the latest data:
Mumbai: Rs 1,79,130 per kg
Delhi: Rs 1,78,820 per kg
Chennai: Rs 1,79,650 per kg
Kolkata: Rs1,78,890 per kg
Bengaluru: Rs 1,79,270 per kg
Hyderabad: Rs 1,79,410 per kg
Also Read: Silver Price In Free Fall: Will 1 Kg Of White Metal Equal 10 Gm Of Gold Soon?
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