This week, the prices of gold and silver experienced a notable decline, with gold dropping by ₹3,004 and silver by ₹10,191. According to the India Bullion and Jewellers Association (IBJA), the rate for 24-carat gold fell to ₹1,46,426 per 10 grams, down from ₹1,49,430.
The price of 22-carat gold also decreased, now standing at ₹1,34,126 per 10 grams, a drop from ₹1,36,878. Meanwhile, 18-carat gold is priced at ₹1,09,820 per 10 grams, down from ₹1,12,073.
During this week, the lowest price recorded for 24-carat gold was ₹1,45,564 per 10 grams on the morning of October 15, while the highest was ₹1,48,425 on October 12.
Silver prices followed suit, now at ₹2,10,918 per kilogram, a decline from ₹2,21,109. The highest price for silver this week was ₹2,20,874 per kilogram on October 12, with the lowest at ₹2,07,098 on October 15.
The IBJA releases gold and silver rates twice daily, during morning and evening sessions.
On the international market, gold is priced around $4,186 per ounce, while silver is approximately $57 per ounce.
Experts attribute the decline in gold and silver prices to rising crude oil prices, which have strengthened the dollar, putting pressure on the precious metals. Additionally, inflation concerns have led to expectations of increased interest rates, prompting investors to sell off these commodities.