Gold and silver prices recovered on Thursday, October 15, following a sharp decline on Wednesday. Prices of both precious metals continued to fluctuate across international markets and India's domestic commodity exchanges after the release of US inflation data. In the domestic market, gold traded at around Rs 1.47 lakh per 10 grams, while silver was quoted at approximately Rs 2.09 lakh per kilogram.
Prices may vary across exchanges, trading sessions and gold purity levels. Buyers should confirm the latest rates with local jewellers or the relevant market before making a purchase.
Gold and silver prices experienced sharp fluctuations after the US government released retail inflation data on Wednesday evening. According to the available figures, the US headline Consumer Price Index (CPI) rose 0.6% month-on-month in September, while core CPI increased 0.3%.
Following the release, gold and silver came under pressure in the commodity market on Wednesday evening. Silver prices on the Multi Commodity Exchange (MCX) reportedly declined by more than Rs 11,000, while gold fell by approximately 1.3%. Prices subsequently recovered as buying resumed in the market.
US inflation data, expectations regarding interest rates, the strength of the dollar and global economic uncertainty are among the factors that can influence gold and silver prices.
Gold prices rose on the Commodity Exchange (COMEX) in the international market. According to available market updates, gold gained approximately 1.53% to trade at $4,170.70 per ounce.
Silver prices also recovered. On COMEX, silver traded at around $59.155 per ounce, up approximately 0.50%.
Movements in international markets can affect domestic prices. However, exchange rates between the rupee and the dollar, import costs, local demand and taxes can cause domestic prices to fluctuate differently.
Both precious metals recorded gains in the domestic futures market on October 15. According to available trading data, December-delivery gold on MCX rose by approximately Rs 1,800 to around Rs 1,47,648 per 10 grams.
Silver prices increased by approximately Rs 1,500, trading at around Rs 2,09,800 per kilogram.
MCX futures prices differ from retail prices charged for jewellery purchases. The final price of jewellery also depends on purity, making charges and applicable taxes.
Available market updates listed the following indicative prices for gold of different purity levels and silver:
24-carat gold was quoted at approximately Rs 1,40,090 per 10 grams, while 22-carat gold was priced at around Rs 1,33,916 per 10 grams. The indicative price of 18-carat gold stood at approximately Rs 1,09,568 per 10 grams. Silver was quoted at around Rs 2,08,340 per kilogram.
These figures are indicative rates reported in market updates. Prices may vary across sources depending on the timing and pricing methodology. MCX gold futures prices can differ from retail rates for 24-carat gold, making it important for buyers to verify local prices before purchasing.
