Today, November 14, saw a substantial drop in gold and silver prices across India, according to the India Bullion and Jewelers Association (IBJA). The price of 10 grams of 24-carat gold decreased by Rs 1,316, bringing it down from Rs 75,260 to Rs 73,944. Similarly, silver experienced a major decline, falling by Rs 2,189 to Rs 87,558 per kilogram from its previous price of Rs 89,747.
Gold and Silver Price Trends
Over the past few weeks, the prices of both metals have shown a downward trend. Gold, which reached a peak of Rs 79,681 per 10 grams on October 30, has now declined by Rs 5,737 or around 7% to settle at Rs 73,944. Silver, which made an all-time high of Rs 99,151 per kilogram on October 23, has also seen a steep fall, currently priced at Rs 87,558 per kilogram.
Current Gold Prices in Key Cities
Here’s a breakdown of the latest gold prices in major Indian cities for 22-carat and 24-carat gold:
Delhi:
22-carat gold: Rs 69,500 per 10 grams
24-carat gold: Rs 75,800 per 10 grams
Mumbai:
22-carat gold: Rs 69,350 per 10 grams
24-carat gold: Rs 75,650 per 10 grams
Kolkata:
22-carat gold: Rs 69,350 per 10 grams
24-carat gold: Rs 75,650 per 10 grams
Chennai:
22-carat gold: Rs 69,350 per 10 grams
24-carat gold: Rs 75,650 per 10 grams
Bhopal:
22-carat gold: Rs 69,400 per 10 grams
24-carat gold: Rs 75,700 per 10 grams
Market Implications
The recent decline in gold and silver prices could reflect market adjustments and investor responses to broader economic trends. For consumers, the lower prices might offer an opportune time for purchasing, especially with the wedding season in India in full swing. However, market watchers suggest monitoring any further changes as global economic conditions evolve.
(PRAKASH KUMAR PANDEY)
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