Gold prices continue to experience slight fluctuations ahead of the wedding season. On October 29, December Gold Futures on MCX were trading at ₹1,19,416 per 10 grams, down ₹230 from the previous session. Meanwhile, silver saw a slight gain, trading at ₹1,44,729 per kilogram.
Gold Price Today: Gold and silver prices are showing movement ahead of the wedding season. On Monday, October 29, December Gold Futures on the Multi Commodity Exchange (MCX) opened at ₹1,19,647 and were trading at ₹1,19,416 by 10:35 AM. This represents a decline of approximately ₹230 from the previous closing price. Meanwhile, silver saw a slight rise, reaching ₹1,44,729 per kilogram. In Delhi, 24-carat gold is selling at ₹1,21,730 per 10 grams. With the wedding season approaching, demand for gold and silver is expected to increase soon.
Decline in Gold Prices on MCX
In Wednesday's trading, the Gold Futures contract for December 5 expiry on MCX opened at ₹1,19,647 per 10 grams. In early trade, it touched a high of ₹1,20,104, but soon after, it experienced a decline. By 10:35 AM, it was trading at ₹1,19,416. This shows a decrease of approximately ₹230 compared to the previous trading day's closing price of ₹1,19,646.
Market experts believe that investors are shying away from gold due to the strengthening dollar in the international market and rising US bond yields. Additionally, investors are keeping a close eye on the Federal Reserve's upcoming monetary policies, which is keeping pressure on gold prices.
Slight Rise in Silver Prices
Silver rates on MCX are showing a slight gain today. The silver futures contract for December 5 expiry opened at ₹1,44,761 per kilogram. As of writing this news, it was trading at ₹1,44,729. This indicates a gain of approximately ₹387 from the previous closing price. With the wedding season approaching, an improvement in silver demand may be observed in the market.
Today's City-wise Gold Rates
Gold Price in Delhi (per 10 grams)
- 24 Carat - ₹1,21,730.
- 22 Carat - ₹1,11,600.
- 18 Carat - ₹91,340.
Gold Price in Mumbai (per 10 grams)
- 24 Carat - ₹1,21,580.
- 22 Carat - ₹1,11,450.
- 18 Carat - ₹91,190.
Gold Price in Chennai (per 10 grams)
- 24 Carat - ₹1,22,290.
- 22 Carat - ₹1,12,100.
- 18 Carat - ₹93,500.
Gold Price in Kolkata (per 10 grams)
- 24 Carat - ₹1,24,480.
- 22 Carat - ₹1,14,100.
- 18 Carat - ₹93,360.
Gold Price in Ahmedabad (per 10 grams)
- 24 Carat - ₹1,21,630.
- 22 Carat - ₹1,11,500.
- 18 Carat - ₹91,240.
Gold Price in Lucknow (per 10 grams)
- 24 Carat - ₹1,21,730.
- 22 Carat - ₹1,11,600.
- 18 Carat - ₹91,340.
Demand Expected to Rise During Wedding Season
In India, the period from November to February is known as the wedding season. During this time, a significant increase in demand for both gold and silver is observed. Gold jewelry purchases by families and relatives are made on a large scale, which can lead to a rise in market prices. Jewelers state that this wedding season is expected to be longer, anticipating an increase in gold purchases in the market.
Impact of International Market
Gold prices are also seeing a slight decline in the global market. In the international market, spot gold is trading near $2,380 per ounce. The strengthening dollar index and rising US Treasury yields have shifted investor interest towards other investment options. This is keeping international gold prices under pressure.
