Stories
Gold and Silver Prices Fall Sharply: Check Latest Rates Today
- •On October 12, gold prices on MCX fell by Rs 747 to settle at Rs 1,50,752, while silver declined by Rs 555 to Rs 2,25,200.
- •In major cities like Delhi, Mumbai, and Kolkata, the price of 24-carat gold remains around Rs 15,141 to Rs 15,156 per gram.
- •International factors including US-Iran tensions and rising US bond yields are cited as primary reasons for the slight dip in precious metal prices.
- •Jewelry buyers also need to account for making charges and applicable GST while purchasing gold in local markets.
Key Questions Answered
On October 12, gold prices on the MCX dropped by Rs 747 to Rs 1,50,752, while silver fell by Rs 555 to Rs 2,25,200. Internationally, Comex gold traded up by 0.35 percent at $4,231 per ounce, and silver gained 0.54 percent to trade at $61 per ounce.
Most major cities like Mumbai, Kolkata, Bengaluru, and Hyderabad price 24-carat gold around Rs 15,141 per gram and 22-carat gold near Rs 13,879 per gram. Delhi's rates are slightly higher at Rs 15,156 for 24-carat and Rs 13,894 for 22-carat, whereas Chennai's 18-carat gold stands at Rs 11,399 per gram.
The drop is driven by ongoing US-Iran tensions, discussions of possible US actions against Houthi rebels in Yemen following an airport attack in Riyadh, and rising US bond yields. Additionally, market movements of the US dollar and investor demand continue to heavily influence prices.
