Gold and silver prices declined on Tuesday, October 27, with both precious metals trading lower in domestic and international markets. On the Multi Commodity Exchange (MCX), gold futures were trading at around Rs 1.42 lakh per 10 grams, while silver futures were quoted at approximately Rs 1.94 lakh per kilogram. In early trade, gold prices fell by Rs 350 and silver prices declined by around Rs 1,300.
Both metals have recorded substantial declines after reaching record highs in January. However, price volatility has continued over recent trading sessions.
On the MCX, December-delivery gold futures fell by Rs 350 to around Rs 1,42,768 per 10 grams in early trading on Tuesday. Silver futures also came under selling pressure, declining by approximately Rs 1,300 to Rs 1,94,544 per kilogram.
In the previous session on Monday, both precious metals had recorded some recovery in the domestic futures market. However, prices have continued to fluctuate over the past several trading sessions.
At around 9 am on Tuesday, gold on the Comex was trading approximately 0.46% lower at $4,019.90 per ounce. Silver prices declined by 1.37% to around $53.595 per ounce.
The weakness in international precious metal prices was also reflected in the Indian market. A ber US dollar, uncertainty surrounding interest rates and selling by investors have added pressure on gold and silver prices. Market participants are also monitoring the US Federal Reserve's next decision, which could influence the subsequent direction of both metals.
In the domestic bullion market, gold prices vary according to purity. Based on the available indicative rates, 24-carat gold was quoted at approximately Rs 1,43,530 per 10 grams.
The estimated price of 22-carat gold stood at Rs 1,31,569 per 10 grams, while 18-carat gold was priced at around Rs 1,07,648 per 10 grams.
The indicative bullion price of silver was approximately Rs 1,96,410 per kilogram. Actual retail prices may vary across cities and jewellers. Purchases of gold jewellery also attract GST, making charges and other applicable fees.
