Global Weakness Sends Gold-Silver Prices Crashing
Gold and silver prices in India dropped sharply on Tuesday due to weakness in global precious metals. On the Multi Commodity Exchange (MCX), gold futures for October 5 were trading around ₹1,46,513 per 10 grams, while silver futures for December 4 stood at approximately ₹2,27,390 per kg.
Internationally, gold prices fell nearly 4%, touching a seven-week low. The decline in prices was influenced by factors such as a stronger US dollar and changing expectations around interest rates.
In the retail market, 24-carat gold was priced at around ₹1,47,250 per 10 grams in Mumbai and ₹1,46,990 in Delhi. Meanwhile, 22-carat gold stood at approximately ₹1,34,979 in Mumbai and ₹1,34,741 in Delhi.
999-purity silver prices remained under pressure, with prices at around ₹2,25,870 per kg in Mumbai and ₹2,25,490 in Delhi. The recent drop has led to a decline in gold and silver rates, affecting investors and traders who deal in these precious metals.