Gold and Silver Price Today: Gold prices fall on Ekadashi, silver prices rise: Why did gold prices fall at start of wedding season? Find out today's rates in your city

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Consumers received significant relief on Ekadashi, as prices of both gold and silver suddenly fell. While gold had been steadily rising until last week, today's price drop has surprised everyone. The wedding season began on November 1st, and it was expected that prices would rise further as demand increased. 

However, the market is experiencing a slowdown. Both gold and silver have declined in the international market, directly impacting the Indian bullion market. The strengthening dollar and increasing uncertainty in the global market hve led to decline in prices of precious metals.

Why did gold and silver weaken in the international market?

As of 12 noon, gold was trading at $4013.40 per ounce in the global market, down $25 from the previous session. Silver was trading at $48.250 per ounce, down 0.48%. A stronger dollar, diminishing expectations of a rate cut by the US Federal Reserve, and investor caution have all dampened buying of safe-haven gold, leading to a decline in prices.

What are the gold and silver rates in your city today?

Patna: 24 carat Rs 1,21,360 | 22 carat Rs 1,11,247 | 18-carat Rs 91,020 | Silver Rs 1,48,490

Jaipur: Rs 1,21,400 | Rs 1,11,283 | Rs 91,050 | Rs 1,48,550

Kanpur: Rs 1,21,450 | Rs 1,11,329 | Rs 91,088 | Rs 1,48,610

Lucknow: Rs 1,21,450 | Rs 1,11,329 | Rs 91,088 | Rs 1,48,610

Bhopal: Rs 1,21,550 | Rs 1,11,421 | Rs 91,163 | Rs 1,48,720

Indore: Rs 1,21,550 | Rs 1,11,421 | Rs 91,163 | Rs 1,48,720

Chandigarh: Rs 1,21,420 | Rs 1,11,302 | Rs 91,065 | Rs 1,48,570

Raipur: Rs 1,21,370 | Rs 1,11,256 | Rs 91,028 | Rs 1,48,510

What's the change on MCX and IBJA?

On Friday, 24-carat gold fell by Rs224 to Rs 1,21,284 per 10 grams on MCX. Silver rose by Rs 112 to Rs 1,48,399 per kilogram.

According to the IBJA, on October 31st, gold was Rs 1,20,770 per 10 grams, while silver reached 1,49,125 per kilogram. Gold has become cheaper by 1,589 in a week, while silver has become more expensive by 4,094.

Why did prices fall as the wedding season began?

Experts say that gold and silver prices fell due to a decline in purchasing after Diwali, a strengthening dollar, and profit-booking at higher prices. Demand is expected to increase during the wedding season, but currently, prices are weakening due to pressure from the global market. According to market analysts, a slight increase may return in the coming days, but the decline may continue for now.

Note: The gold and silver rates provided by us are indicative and do not include other charges such as GST, TCS, and making charges. For exact rates, contact your local jeweler or shop.

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