Gold and silver prices declined on Wednesday, October 7, with both precious metals trading under pressure from the international market to the domestic commodity market. Prices of gold and silver have witnessed continued volatility in recent days, keeping both investors and jewellery buyers focused on market movements.
In early trading on Wednesday, prices of both gold and silver declined. In the domestic market, silver prices fell by around ₹1,300, while gold on the Multi Commodity Exchange (MCX) declined by around ₹500.
On COMEX, a major global market for precious metals trading, gold and silver prices also came under pressure on Wednesday. During early trading, COMEX gold declined around 0.41% to $4,169.90 per ounce. COMEX silver also fell around 0.78% to $61.110 per ounce.
Changes in international market prices also affect the Indian market. Factors including movements in the dollar, global interest rates, inflation and investor sentiment influence gold and silver prices.
Amid weaker signals from international markets, gold and silver prices also declined in the Indian bullion market on Wednesday. In early trading, gold was around ₹1.49 lakh per 10 grams, while silver traded at approximately ₹2.26 lakh per kilogram.
Silver has witnessed significant volatility in recent days, resulting in large short-term changes in its price.
Gold prices also declined on the MCX on Wednesday. According to available data, December-delivery gold was trading at ₹1,49,661 per 10 grams after declining by around ₹500.
Changes in MCX gold prices also affect domestic market prices. Investors track global signals, the rupee's position and movements in international gold prices.
Silver futures also recorded a decline. On the MCX, silver fell by around ₹1,300 to ₹2,26,101 per kilogram.
Silver is considered important for both industrial demand and investment. As a result, indicators related to global economic activity and industrial demand can also affect its price.
After the market opened, prices of gold across different purity levels also declined. According to available market data, 24-carat gold was priced at around ₹1,49,780 per 10 grams, while 22-carat gold was around ₹1,37,298 per 10 grams and 18-carat gold was around ₹1,12,345 per 10 grams. Silver was priced at around ₹2,26,410 per kilogram.
The final price available to customers may vary depending on the city, jewellery purity, making charges, taxes and local market conditions.
