This dip in prices follows a slight variation in the gold market over the past week and month. In the last week, the price of 24 carat gold has dropped by 2.95%, and in the past month, it has seen a decrease of 4.14%. Alongside gold, silver has also witnessed a decline, with the price of silver currently standing at ₹94600.0 per kilogram, down by ₹100.0.
Gold Rates in Key Indian Cities: A Regional Breakdown
Delhi: The gold rate in Delhi today stands at ₹78173.0 for 10 grams, marking a rise from ₹77513.0 reported yesterday (30-11-2024). However, it’s a decrease from the ₹79803.0 noted last week (25-11-2024). Silver prices in Delhi have also changed, currently at ₹94600.0 per kg, an increase from ₹92500.0 per kg yesterday but lower than ₹95000.0 per kg last week.
Chennai: The gold rate in Chennai has reached ₹78021.0 for 10 grams, up from ₹77361.0 yesterday but down from ₹79651.0 last week. Silver prices in Chennai have increased, with the current rate at ₹102700.0 per kg, higher than ₹100600.0 yesterday but lower than ₹103600.0 last week.
Mumbai: In Mumbai, the gold rate stands at ₹78027.0 for 10 grams today, an increase from ₹77367.0 yesterday but a decrease from ₹79657.0 last week. The silver price in Mumbai is ₹93900.0 per kg, reflecting an increase from ₹91800.0 yesterday but a decrease from ₹94300.0 last week.
Kolkata: Gold in Kolkata is priced at ₹78025.0 for 10 grams, slightly up from ₹77365.0 yesterday but lower than ₹79655.0 last week. Silver in Kolkata is priced at ₹95400.0 per kg, an increase from ₹93300.0 yesterday but a decrease from ₹95800.0 last week.
MCX Futures and Market Trends
The December 2024 MCX futures for gold are currently trading at ₹76400.0 per 10 grams, showing a marginal increase of ₹0.893 at the time of publication. Similarly, silver futures for May 2025 are trading at ₹92947.0 per kg, showing an increase of ₹1.204.
What Drives Gold and Silver Price Movements?
Gold and silver prices are heavily influenced by multiple factors, including global economic conditions, demand from major jewelers, currency fluctuations, and government policies. The strength of the US dollar against other currencies also plays a crucial role in shaping the prices of these precious metals. Other international factors, such as geopolitical instability and inflation concerns, can also impact price trends in India’s gold market.
With fluctuations in gold and silver prices continuing, it’s essential to stay informed on the market shifts. Both local and global events, ranging from economic data to government policies, will play pivotal roles in shaping future trends. As we head further into December 2024, investors and buyers should carefully consider these changes in gold and silver rates across different Indian cities.
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