Gold, silver prices fluctuate; check today's 24-carat gold rate
Gold recovered slightly on Friday after four days of decline, even as the week overall ended with a nearly 2.5 percent drop in prices.
Gold and silver prices have been fluctuating continuously over the past few days. Before the Saturday-Sunday break, on Friday, the sharp four-day decline in gold finally halted and prices showed a slight recovery.
According to the latest data, the rate of 24-carat gold in Delhi's bullion market, including all taxes, reached Rs 1,52,600 per 10 grams. On the Multi Commodity Exchange (MCX), the futures price of 24-carat gold was recorded at Rs 1,50,700 per 10 grams, against a close of Rs 1,50,881 per 10 grams on the previous trading day. According to bullion traders, the price of 24-carat gold stood at Rs 1,51,460 per 10 grams, while gold in the international market rose to 4,320.50 dollars per ounce. In addition, GoodReturns put the rate of 24-carat gold at Rs 1,52,830 per 10 grams.
According to the India Bullion and Jewellers Association (IBJA), this morning's gold prices were: 24-carat gold at Rs 1,52,113 per 10 grams, 22-carat gold at Rs 1,38,936 per 10 grams, 18-carat gold at Rs 1,14,085 per 10 grams and 14-carat gold at Rs 88,986 per 10 grams.
Among cities, the rate of 24-carat gold today in Mumbai, Pune, Nashik, Nagpur, Kolhapur, Sangli, Jalgaon and Chhatrapati Sambhajinagar was reported at Rs 1,52,680 per 10 grams.
Traders said that after gold prices fell for four straight sessions, investors bought heavily at the lower levels, which led to this recovery. However, for the week as a whole, gold prices fell by Rs 4,000, or about 2.5 percent.
Saumil Gandhi, senior analyst (commodities) at HDFC Securities, said gold prices improved on Friday because some of the main pressures on gold eased. Crude oil prices and the US dollar came down from their recent highs. Gandhi added that although there was a recovery on the final day, the sharp rise in the dollar earlier in the week kept gold's overall weekly performance in the negative.
Meanwhile, Kaynat Chainwala of Kotak Securities said spot gold prices rose slightly on Friday, crossing 4,300 dollars per ounce again. During this period, silver prices also rose to near 65 dollars, helping it recover significantly from the previous two sessions' decline. A softer US dollar and stability in the bond market following a sharp rise in bond yields both supported this improvement in gold prices.
