Gold falls Rs 4,796 and silver Rs 16,503 this week; 24-carat gold at Rs 1.42 lakh per 10 gm

Gold and silver prices fell sharply in the bullion market this week. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold has dropped by Rs 4,796 to Rs 1.42 lakh per 10 grams. On October 17, it was Rs 1.46 lakh.

Silver fared no better. Its price fell by Rs 16,503 from Rs 2.11 lakh to Rs 1.94 lakh per kg.

The decline is not limited to this week. The market saw a similar slump last month. In September, gold became cheaper by Rs 8,000 and silver by Rs 15,000. Gold was priced at Rs 1.56 lakh per 10 grams on August 31 and came down to Rs 1.48 lakh on September 30. Similarly, the price of 1 kg of silver had dropped from Rs 2.37 lakh to Rs 2.22 lakh.

Experts say that, given the current global situation, uncertainty and volatility in gold and silver prices may continue. The US central bank, the Federal Reserve, raised interest rates for the first time in three years, which pulled gold prices down. However, the US-Iran war and economic uncertainty could again lend gold support as a safe-haven investment.

According to IBJA, 24-carat gold was priced at Rs 1,41,630 per 10 grams on the morning of Sunday, October 25. The prices of other carats per 10 grams are: 22-carat Rs 141,063, 20-carat Rs 129,733, 18-carat Rs 106,223 and 14-carat Rs 82,854.

Among cities, 24-carat gold is priced at Rs 141,630 per 10 grams in Mumbai, Thane, Ratnagiri, Pune, Nagpur, Kolhapur, Chhatrapati Sambhajinagar, Jalgaon, Sangli and Baramati.

Silver was priced at Rs 1,94,415 per kg on the morning of Sunday, October 25, according to IBJA.