Gold and silver prices fluctuate across Indian cities on Saturday
Gold futures saw a modest recovery on the Multi Commodity Exchange despite recent declines in physical gold prices in Delhi.
Gold and silver prices showed movement across major Indian cities on Saturday, 14 November. While international spot gold rose slightly to $3,882.09 an ounce, domestic markets saw varying trends in retail and futures rates, according to reports by Mint and Times Now.
On the Multi Commodity Exchange (MCX), December 24-carat gold futures gained 0.39 per cent, rising by Rs 525 to Rs 1,36,750 per 10 grams during morning trade. This follows a period where the All India Sarafa Association reported that 24-carat gold in Delhi dropped by Rs 2,500 on Friday to Rs 1,40,900 per 10 grams, inclusive of taxes.
In Mumbai, 24-carat gold was priced at Rs 1,37,060 per 10 grams, while 22-carat gold stood at Rs 1,25,638 per 10 grams. In Delhi, the 24-carat rate was Rs 1,36,820 per 10 grams and 22-carat gold was Rs 1,25,418 per 10 grams, Mint reported.
Silver 999 Fine rates varied by location. In Mumbai, silver was at Rs 1,76,940 per kg, while in Delhi it was recorded at Rs 1,76,640 per kg. In Bengaluru, the price for silver was Rs 1,77,080 per kg.
The fluctuations come amid concerns regarding potential United States Federal Reserve rate hikes and rising oil prices impacting inflation, Bloomberg reported. Prithviraj Kothari, President of the India Bullion Jewellers Association (IBJA), noted that gold fell to its lowest level in more than a week as silver weakened on industrial demand worries.
