Gold and Silver Prices Drop on October 12: Retail Rates in Major Cities
On October 12, gold and silver prices saw a decline across India's major cities, influenced by global market developments.
24K gold prices in New Delhi fell to ₹150,560 per 10 grams.
MCX gold futures traded 0.41% lower at ₹1,51,100 per 10 grams.
Silver prices also decreased, with rates in Mumbai at ₹225,360 per kg.
On October 12, the retail prices of gold and silver in India experienced a notable decline, attributed to recent geopolitical developments. U.S. President Donald Trump hinted at a potential U.S. involvement alongside Saudi Arabia in retaliatory actions against Iran-backed Houthis, following a deadly attack on Riyadh’s main airport. This situation has raised concerns about further instability in global markets, which has impacted precious metal prices.
Historically, fluctuations in gold and silver prices are often influenced by international events and market sentiments. The People's Bank of China recently reported its largest monthly gold purchase in nearly three years, acquiring approximately 23 tonnes in September. This marks a continuation of a buying trend that has persisted since 2015, indicating strong demand for gold as a safe-haven asset amid global uncertainties.
As of October 12, the Multi Commodity Exchange (MCX) reported that gold futures were trading at ₹1,51,100 per 10 grams, reflecting a 0.41% decrease. Similarly, silver futures were down by 0.16%, priced at ₹2,25,770 per kg. In the retail market, gold is available in two primary purities: 24-karat, which is the purest form, and 22-karat, commonly used for jewelry due to its durability.
In major cities across India, the retail prices for gold and silver have been adjusted as follows: In New Delhi, 24-karat gold is priced at ₹150,560 per 10 grams, while 22-karat gold is at ₹138,013. In Mumbai, the rates are slightly higher, with 24-karat gold at ₹150,820 and 22-karat at ₹138,252. Bengaluru's prices are also competitive, with 24-karat gold at ₹150,940. Silver prices have similarly seen a drop, with New Delhi's 999 fine silver priced at ₹224,970 per kg.
The implications of these price changes are significant for consumers and investors alike. As gold and silver are often viewed as safe investments during times of uncertainty, the recent declines may prompt buyers to reconsider their strategies. Looking ahead, market analysts will be closely monitoring geopolitical developments and their potential effects on precious metal prices, with upcoming trading sessions expected to reflect these dynamics.
