Ahead of the festive season, the Indian bullion market has once again witnessed a pleasant surprise both gold and silver prices have fallen noticeably. After weeks of continuous fluctuation, this decline comes as a relief for buyers and investors alike. If you’ve been planning to buy jewellery or invest in precious metals, this could be the perfect moment to step in. Lower prices not only make gold ornaments more affordable but also open the door for long-term investment with promising returns.
Today’s Updated Gold Price
According to the latest market trends, gold prices have dropped by around ₹200 to ₹450 per 10 grams across major cities. Here’s the latest snapshot for 22K and 24K gold rates:
Delhi: 22K Gold – ₹56,750 /10g | 24K Gold – ₹61,900 /10g
Mumbai: 22K Gold – ₹56,650 /10g | 24K Gold – ₹61,800 /10g
Chennai: 22K Gold – ₹57,100 /10g | 24K Gold – ₹62,250 /10g
Kolkata: 22K Gold – ₹56,700 /10g | 24K Gold – ₹61,850 /10g
Silver Prices Also Fall Slightly
It’s not just gold that has become cheaper silver prices have also seen a mild correction. Today, 1 kilogram of silver is averaging around ₹76,600, down from ₹77,200 a few days ago. For buyers who prefer silver coins, utensils, or investment bars, this minor drop offers an ideal opportunity to make a purchase before festive demand pushes prices up again.
Global Market Influence
The decline in gold and silver prices is closely linked to movements in the global economy. A stronger US Dollar Index, slight rise in US Treasury yields, and cautious investor sentiment have collectively weighed down on gold prices internationally. Currently, spot gold is trading around $2,340 per ounce, while silver stands at approximately $28.20 per ounce. Analysts suggest that if the dollar weakens in the coming weeks, gold prices could rebound again, especially with the onset of India’s festive buying season.
Why This Is the Right Time to Buy
As India enters its festive period including Dhanteras and Diwali demand for gold and silver is set to rise. Traditionally, gold is not only seen as a symbol of wealth but also as a secure investment during uncertain economic conditions. With prices currently at a short-term low, this could be the ideal time to invest. Experts believe that buyers making purchases at these levels might enjoy better returns as prices strengthen post-festive season.
Factors Influencing Gold Prices
Gold prices are constantly affected by both global and domestic economic indicators. Key factors include:
1. Global interest rates and inflation levels.
2. US Dollar movement against the Indian Rupee.
3. Crude oil prices and geopolitical stability.
4. Import duty and government policies.
5. Festive and wedding season demand in India.
Disclaimer : This article is purely for informational and analytical purposes. The prices mentioned may vary from region to region depending on purity, brand, and jeweller margins. Please check your local market rates before purchasing gold or silver.