Gold and silver prices began October on a higher note after both precious metals recorded declines for two consecutive trading sessions. On October 1, prices rose in both domestic and international markets amid a firm trend in global markets and buying by investors.
In the international market, gold and silver prices also rose on October 1. On Comex, gold prices increased by around 0.20% to reach $4,195.10 per ounce. Silver recorded a ber move compared with gold, with the Comex silver price rising around 1.43% to trade at $61.45035 per ounce.
Prices of both precious metals have continued to fluctuate in recent days. International prices have also remained volatile.
The rise in international prices was reflected in the Indian market. At the start of trading in the domestic bullion market, both gold and silver prices recorded gains. Gold was trading at around ₹1.49 lakh per 10 grams, while silver reached around ₹2.25 lakh per kilogram.
The rise came after both metals had recorded notable declines in the previous two trading sessions. Prices therefore moved higher on the first day of October.
On the Multi Commodity Exchange (MCX), gold and silver also traded higher on October 1. At the time of writing, October-delivery gold was trading at around ₹1,49,489 per 10 grams, up by around ₹500.
MCX silver prices rose by approximately ₹2,100 to around ₹2,25,740 per kilogram. Prices of gold in the domestic market also varied according to purity.
In the retail market, 24-carat gold was trading at around ₹1,49,170 per 10 grams. The price of 22-carat gold was reported at approximately ₹1,37,700 per 10 grams, while 18-carat gold was at around ₹1,12,400 per 10 grams.
Silver was trading at around ₹2,26,360 per kilogram in the domestic market.
Local retail prices of gold and silver may vary by city and jeweller because of taxes, making charges and other fees.
