Gold and Silver Prices Fluctuate Amid Geopolitical Tensions
The price of gold in India saw a slight fluctuation of nearly 0.62% in the domestic futures market on Monday, October 5. This movement was influenced by shifts in the US dollar and ongoing geopolitical developments. MCX Gold 5 November futures were priced at ₹148,129 per 10 grams, while MCX Silver 4 December contracts rose by 0.23% to ₹226,393 per kg around 9:05 am. The two metals moved in different directions.
Geopolitical tensions, particularly between the US and Iran, remained a key factor driving uncertainty in the bullion markets. US President Donald Trump's recent comments about choosing between further military action or reaching a deal with Tehran added to the volatility. Any escalation could push investors towards gold as a safe-haven asset. However, easing concerns over oil supplies have recently reduced the geopolitical risk premium in bullion.
In the retail market, 24-karat gold, the purest form, was priced at ₹149,540 per 10 grams, while 22-karat gold, commonly used for jewelry due to its durability, was priced at ₹137,078 per 10 grams. Silver prices stood at ₹226,770 per kg for 999 Fine silver, according to the Indian Bullion Association's data. Customers should note that jewellers may add making charges, taxes, and GST, which could increase the final price.
Gold prices varied across major Indian cities. In Mumbai, 24-karat gold was priced at ₹149,270 per 10 grams, while in New Delhi, it was ₹149,010 per 10 grams. Bengaluru saw prices at ₹149,380 per 10 grams, Kolkata at ₹149,070 per 10 grams, Hyderabad at ₹149,500 per 10 grams, and Chennai at ₹149,700 per 10 grams. Silver prices also showed slight variations across these cities.