Gold and silver prices stayed under pressure on Friday, with the precious metals on track for another weekly loss as rising crude oil prices and expectations of higher interest rates dampened demand.
As of 6:35 am, spot gold was nearly unchanged at USD 4,019.90 an ounce. The metal is down 3.9 per cent for the week so far, marking its second straight weekly decline. Spot silver fell 0.7 per cent to USD 54.2280.
On the Multi Commodity Exchange (MCX), gold futures were trading at Rs 1,42,601 per 10 grams as of 11 am on Friday, down Rs 708, or 0.49 per cent, from the previous close, in the Bullion category.
Gold price today, October 23: City-wise silver prices in India
| City Name | 24-carat gold (10 grams) | 22-carat gold (10 grams) | 18-carat gold (10 grams) |
| Gold Price in Delhi | Rs 1,44,520 | Rs 1,32,490 | Rs 1,08,390 |
| Gold Price in Mumbai | Rs 1,44,370 | Rs 1,32,340 | Rs 1,08,277.5 |
| Gold Price in Kolkata | Rs 1,44,370 | Rs 1,32,340 | Rs 1,08,277.5 |
| Gold Price in Chennai | Rs 1,44,520 | Rs 1,32,490 | Rs 1,08,390 |
| Gold Price in Hyderabad | Rs 1,44,370 | Rs 1,32,340 | Rs 1,08,277.5 |
Silver price today
Silver futures were trading at Rs 1,96,765 per 1 kg, down Rs 2,834, or 1.42 per cent, from the previous close, in the Bullion category, as of 11 am on Friday.
Silver price today, October 23: City-wise silver prices in India
| City Name | 10 Grams | 100 Grams | 1 Kilogram (1 Kg) |
| Silver Price in Delhi | Rs 2,419 | Rs 24,190 | Rs 2,41,900 |
| Silver Price in Mumbai | Rs 2,409 | Rs 24,090 | Rs 2,40,900 |
| Silver Price in Kolkata | Rs 2,369 | Rs 23,690 | Rs 2,36,900 |
| Silver Price in Chennai | Rs 2,429 | Rs 24,290 | Rs 2,42,900 |
| Silver Price in Hyderabad | Rs 2,409 | Rs 24,090 | Rs 2,40,900 |
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Why is Gold down this week?
Rising energy prices, driven by the conflict in the Middle East and uncertainty over shipping traffic through the Strait of Hormuz, were among the key factors weighing on bullion this week.
Higher energy prices can fuel inflation concerns, raising expectations that central banks may keep interest rates elevated for longer. According to CME’s FedWatch Tool, the probability of a rate hike by the US Federal Reserve at its December FOMC meeting stood at 80 per cent.
Higher interest rates increase the opportunity cost of holding non-yielding assets such as gold, putting pressure on prices. Prolonged expectations of elevated rates have also supported the US dollar and Treasury yields, further reducing gold’s appeal.
Market experts noted that MCX gold largely mirrors global spot prices. Since India imports most of its gold, MCX pricing is derived from international prices after adjusting for the USD/INR exchange rate and import-related costs.
Market participants are closely watching the US Federal Open Market Committee (FOMC) meeting scheduled next week, with the interest rate decision due on October 28. The outcome is expected to provide further direction for gold prices, according to agency.
Developments in the US-Iran conflict are also being tracked, as they directly affect energy prices and could influence the direction of bullion.
Gold hits three-month low, silver down nearly 50 per cent from peak
Precious metal prices extended their decline on Thursday, with gold slipping to a three-month low and silver plunging nearly 50 per cent from its record high at the start of the year, as rising crude oil prices kept bullion markets under pressure.
Gold of 99.9 per cent purity fell Rs 1,000 to Rs 1.48 lakh per 10 grams in the national capital, from Wednesday’s closing level of Rs 1.49 lakh, according to the All India Sarafa Association. Gold last traded around this level on July 30.