Kolkata: Gold and silver have been in focus of investors, having surged by about 50% this year. Gold has even breached the psychologically crucial Rs 1.25 lakh per 10 gms level in the run-up to Diwali. However, on October 10, the prices of the two precious metals dipped a bit. In the morning, the price of 24-carat gold was quoted at Rs 1,21,350 per 10 grams, a decline by Rs 1,660. Silver, of the 999 fineness was quoting at Rs 1,47,640 per kg. At this level, it registered a dip of Rs 3,320. Future prices in MCX (Multi Commodity Exchange) also displayed a downward trend.
On Friday, October 10, the price of both metals showed a downward trend in all the metro cities of the country. Both the prices of gold and silver have caught the attention of the common men and investors alike. Towards the beginning of this year, veteran investment experts have advised the common investors to allocate 10-15 of their portfolio to gold. A lot of investments have been recorded in gold ETFs, silver ETFs, gold mutual funds and multi-asset mutual funds which allocate a significant portion of their resources in gold and silver.
Spot gold and silver prices
The spot price of gold of 24-carat purity was about Rs 12,135 per gram and that of 22-carat gold Rs 11,124 per gram and ₹1,11,238 per 10 grams. The price of 1 kg of silver was Rs 148 per gram for 999 fineness. The price of 1 kg of silver reached Rs 1,47,640. Silver prices have zoomed more than 63% in the past one year. Data revealed 24-carat gold prices jumped 2.68% in one week and 10.90% in one month, while silver surged 1.33% in one week.
Comex and MCX prices
On US Comex, 24-carat gold was trading at near peak levels of $3,984.40 an ounce, while silver prices were recorded at $47.25 per ounce. The prices of gold and silver futures on MCX were Rs 121,205, up 0.17% and Rs 147,469, up 0.03% respectively. The rise of gold and silver prices have been attributed to a lot of factors in the domestic and global markets such as tariff-induced uncertainties, global conflicts, aggressive buying of gold by central banks of different countries and the fall of the rupee against the US dollar.
Rate in metro cities
The price of gold and silver in the four metro cities of New Delhi, Mumbai, Kolkata and Chennai are as follows: In New Delhi, 24-carat gold price was at Rs 1,20,680 per 10 grams, while that of silver was at Rs 1,46,160 per kg. In Mumbai, gold was at Rs 1,20,680 and silver at Rs 1,46,160. In Kolkata, gold was at Rs 1,20,520 and silver was quoting at Rs 1,45,970. In Chennai, gold was quoting at Rs 1,21,030 per 10 gms and silver at Rs 1,46,590 per kg.
(Disclaimer: This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, INVITs, any form of alternative investment instruments and crypto assets.)