Gold, Silver prices today, October 24: Precious metals lost more ground this week as Middle East tensions pushed oil higher and stoked fears that interest rates will stay elevated. Gold slipped below Rs 1,42,200 on MCX, while silver fell sharply, adding to the pressure on bullion.
As of 7:00 am, spot gold was nearly unchanged at USD 4,154.60 an ounce. The metal is down nearly 4 per cent for the week so far, marking its second straight weekly decline. Spot silver fell 1.30 per cent to USD 53.80 per ounce.
On the Multi Commodity Exchange (MCX), gold futures were trading at Rs 1,42,150 per 10 grams, down Rs 451, or 0.81 per cent, from the previous close, in the Bullion category.
Gold prices on Friday declined Rs 1,230 to Rs 1,42,079 per 10 grams in futures trade amid a fall in spot demand.
On the Multi Commodity Exchange, the yellow metal contracts for December delivery traded lower by Rs 1,230, or 0.86 per cent, at Rs 1,42,079 per 10 grams in a business turnover of 1,670 lots.
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 | Rs1,44,520 | 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 futures were trading at Rs 1, 96, 100 per 1 kg, down 1.75 per cent, from the previous close, in the Bullion category.
Silver prices on Friday fell by Rs 4,191 to Rs 1,95,408 per kilogram in futures trade as participants reduced their bets.
On the Multi Commodity Exchange, silver contracts for December delivery declined by Rs 4,191, or 2.1 per cent, to Rs 1,95,408 per kg in a business turnover of 5,856 lots.
| 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 |
Why did gold prices fall this week?
Gold came under pressure this week as rising crude prices, triggered by escalating tensions in the Middle East and concerns over shipping disruptions in the Strait of Hormuz, weighed on sentiment.
Higher oil prices stoked fresh inflation worries, strengthening expectations that central banks will keep interest rates high for longer. The CME Fed Watch Tool is now pricing in an 80 per cent chance of a Fed rate hike in December.For gold, which doesn’t pay any interest, higher rates raise the opportunity cost of holding it.
A firm dollar and elevated US bond yields further dented demand for the yellow metal.
“Heightened inflation concerns suggest that major central banks of the world won’t be able to ease monetary policies as quickly as they want to. All that’s working against the gold and silver market bulls at present,” said Jim Wyckoff, a market analyst at American Gold Exchange, as quoted by Reuters.
MCX Gold closely mirrors global spot gold prices because India relies heavily on gold imports, making international gold prices the primary benchmark for domestic pricing.
For Gold, analysts attributed the fall to weaker spot demand. Globally, gold futures fell 0.26 per cent to USD 4,014.23 per ounce in New York.
For Silver, analysts said heavy selling by participants weighed on prices. Globally, the white metal was trading 1.01 per cent lower at USD 54.01 per ounce in New York.