Gold and silver rates in India fell as the escalating conflict in the Middle East stoked fears that further energy supply disruptions could keep inflation elevated. COMEX gold was trading at $4,186.5 per ounce on Tuesday after declining around 0.1% while the COMEX silver slid 0.4%% to trade at $60.295 per ounce at around 01:21 a.m. GMT.
The gold rate in India on Tuesday is Rs 1,49,760 per 10 gms while the silver rate is Rs 2,23,280 per 1 kg, at 7:40 am, according the Bullions website. In the international market, spot gold edged down 0.4% to $4,156.27 an ounce at 8:56 a.m. Singapore time. Silver slipped 0.5% to $59.93, according to Bloomberg.
On Monday, Oct. 12, MCX gold December futures slipped below the Rs 1,50,000 mark again, settling at the end of the session at Rs 1,49,543. MCX Silver futures with Dec. 4 expiry also declined to Rs 2,22,877 per kg at the end of previous session. The decline in both precious metal prices was driven by a stronger dollar, and market anticipating rate hikes in the upcoming US FED meeting.
City-Wise Gold Rates
Here are 24K gold prices in major cities based on the latest data:
- Mumbai: Rs 1,51,440 per 10gm
- Delhi: Rs 1,51,180 per 10gm
- Chennai: Rs 1,51,880 per 10gm
- Kolkata: Rs 1,51,240 per 10gm
- Bengaluru: Rs 1,51,560 per 10gm
- Hyderabad: Rs 1,51,680 per 10gm
City-Wise Silver Rates
Here are Silver 999 Fine prices in major metro cities based on the latest data:
- Mumbai: Rs 2,25,730 per kg
- Delhi: Rs 2,25,340 per kg
- Chennai: Rs 2,26,390 per kg
- Kolkata: Rs 2,25,430 per kg
- Bengaluru: Rs 2,25,910 per kg
- Hyderabad: Rs 2,26,090 per kg
Gold Rates In International Market
Gold held onto losses as the widening conflict in the Middle East fueled fears that further disruptions to energy supplies could keep inflation elevated and raise the likelihood of interest-rate hikes.
Bullion traded near $4,160 an ounce after closing 0.5% lower in the previous session. Brent crude hovered near $106 a barrel as Houthi attacks on Saudi Arabia's main airport, backed by Iran, increased pressure on Washington to support its ally.
The precious metal has fallen about a fifth since the US.-Iran war erupted in late February, triggering global inflation and tighter monetary policy from central banks. Higher borrowing costs typically weigh on gold, which pays no interest.
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