Gold prices recovered slightly in Delhi on Monday, November 2, as jewellers and retailers increased purchases ahead of Diwali. The price of 99.9% pure gold (24 carat) rose by Rs 500 to Rs 1,42,500 per 10 grams, recovering some of the losses suffered during a sharp correction in October.
Silver prices, however, remained unchanged at Rs 1,86,000 per kilogram, inclusive of all taxes, according to local traders. The recovery in gold came as festive demand provided support to domestic prices, while the rupee’s weakness against the US dollar made imported bullion more expensive.
Despite Monday’s gains, both precious metals remain under pressure following their steep declines last month. Market experts believe prices could remain volatile as investors monitor global economic developments, crude oil prices and expectations surrounding US monetary policy.
Silver price today: Rates remain unchangedÂ
Unlike gold, silver prices remained steady in the national capital on Monday.
The white metal was trading at Rs 1,86,000 per kilogram, inclusive of all taxes. This comes after a steep correction in October, during which silver lost Rs 46,000 per kg from its September 30 price of Rs 2,32,000.
The decline in silver was significantly sharper than that seen in gold, reflecting the volatility in precious metal markets.
In international markets, spot silver gained more than 2% to reach USD 50.25 per ounce on Monday, indicating a recovery in global trading.