Stories
Massive Drop in Gold and Silver Prices Today
- •Gold and silver prices have recorded a significant decline on October 6.
- •A stronger US dollar and rising treasury yields are the primary reasons for the drop in the international market.
- •In the retail market, 24-carat gold stands at 14,902 rupees per gram and 22-carat gold at 13,660 rupees per gram.
- •Jewelry prices may vary as jewelers add making charges, GST, and other local taxes to the base rate.
- •Consumers and investors are closely monitoring market trends with the festive season approaching.
Key Questions Answered
On October 6, retail prices for 24-carat gold dropped by ₹16 to ₹14,902 per gram, 22-carat gold dropped by ₹15 to ₹13,660 per gram, and 18-carat gold fell by ₹12 to ₹11,177 per gram. Meanwhile, spot gold fell 0.3% to $4,128.69 per ounce and silver dropped 0.6% to $60.67 per ounce internationally.
International gold and silver prices dipped on Tuesday primarily due to a strong US dollar and rising treasury yields. The broader market is currently reacting to the value of the US dollar, interest rate expectations, and global geopolitical developments.
Domestic gold prices vary from city to city due to local taxes, market conditions, and additional fees. Furthermore, jewelry prices may be higher because jewelers add making charges, GST, and other fees to the base rate.
