Gold and silver prices have fallen ahead of Chhath Puja. Gold has become more than 5% cheaper than its record high, while silver prices also remain soft. According to experts, this decline is due to changes in the international market and profit-taking.
Gold Price Today: For those planning to buy gold and silver during Chhath Puja, there's good news. On October 27, a decline in precious metal prices was recorded across the country. In Delhi, 24-carat gold reached ₹1,25,760 per 10 grams, and silver reached ₹1,54,900 per kilogram. This decline is attributed to tariff negotiations in the international market and profit-taking by investors, which has increased expectations for purchases during the festive season.
Relief for Investors Ahead of Chhath Puja
Demand for gold and silver always increases in the market during Chhath Puja. However, this time, precious metal prices have softened. Bullion market experts state that this decline is due to international cues and profit-taking in the domestic market.
Investors have been profiting by selling gold purchased at higher prices recently. Additionally, ongoing trade negotiations between the US and other countries have also impacted the global commodity market.
Gold Breaks from Record High
About ten days ago, gold prices made history. At that time, 24-carat gold reached ₹1,32,770 per kilogram. However, prices have now fallen by more than 5 percent. While this decline might be a concern for investors, it could prove to be a good opportunity for buyers.
In Delhi's bullion market today (October 27), 24-carat gold became cheaper by ₹10 per 10 grams. Although this drop might seem minor, it indicates that the market's price trend is currently downwards.
Last week, gold prices saw significant fluctuations. Between October 20 and October 24, gold became cheaper by up to ₹5,950 in just five trading days. This decline has reactivated the market.
Silver Prices Also Decline
Along with gold, silver prices have also softened. After remaining stable for two days, one kilogram of silver in Delhi today became cheaper by ₹100, reaching ₹1,54,900. Although this dip is small, it comes after a significant reduction in silver prices in recent days.
Last week, silver prices continuously declined for four days. During that period, silver prices fell by up to ₹17,000 per kilogram. Currently, in Mumbai and Kolkata, silver is also priced at ₹1,54,900 per kilogram. In Chennai, however, silver prices remain at ₹1,69,900 per kilogram, which is the highest among major cities in the country.
Latest Gold Rates Across the Country
- Delhi: In the capital, 24-carat gold is ₹1,25,760 per 10 grams, and 22-carat gold is ₹1,15,290 per 10 grams.
- Mumbai and Kolkata: Prices are uniform in both these cities. Here, 24-carat gold is available at ₹1,25,610 per 10 grams, and 22-carat gold at ₹1,15,140 per 10 grams.
- Chennai: Here, 24-carat gold is selling for ₹1,25,440 per 10 grams, and 22-carat gold for ₹1,14,990 per 10 grams.
- Bengaluru and Hyderabad: In these two southern cities, gold prices are similar to Mumbai. Here, 24-carat gold is available at ₹1,25,610, and 22-carat gold at ₹1,15,140 per 10 grams.
- Lucknow and Jaipur: In these two North Indian cities, 24-carat gold is ₹1,25,760, and 22-carat gold is ₹1,15,290 per 10 grams.
- Patna and Ahmedabad: In these cities, 24-carat gold is ₹1,25,660 per 10 grams, and 22-carat gold is ₹1,15,140 per 10 grams.
Why Did the Market Decline?
Experts state that the strengthening dollar and uncertainty over interest rates in the international market have put pressure on precious metals. Additionally, investors have booked profits on high gold prices, leading to a fall in rates.
During the festive season, demand for gold increases, but this price drop is good news for common buyers. The market expects to see some stability in prices in the coming days.
