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Gold and Silver Prices Witness Decline Today Due to Global Demand Impact

Gold records 0.2% drop, while silver sees a 0.5% decrease; Rising dollar and industrial demand decrease contribute to the price fall.

  • The prices of gold and silver have taken a downward turn today, indicating a decline of 0.2% and 0.5%, respectively, on the trading charts. The dip is attributed to the ripple effect of reduced global demand for these valuable metals.

Know the Latest Gold Rates: A Look into the Current Trend of Gold Rates

  • Gold is currently being traded at Rs 59,412 per 10 grams on the Multi Commodity Exchange, reflecting a drop of Rs 115 or 0.19%. The prices have fluctuated today, touching a low of Rs 59,391 and a high of Rs 59,550 per 10 grams, considering the futures for October 2023.

What is the Rate of Silver: Silver Prices Experience Substantial Decline

  • Silver rates display a notable decrease of Rs 399 on the Multi Commodity Exchange, signifying a 0.55% drop. This valuation corresponds to the September futures. The silver price range for the day stood between Rs 71,985 per kg at its lowest and Rs 72,300 per kg at its highest.

Reasons Behind Gold and Silver Price Decline: Factors Contributing to the Decrease in Precious Metal Rates

  • A combination of factors has led to the current decline in gold and silver prices. Chiefly, the reduced global demand has played a role in making these precious metals more affordable. Additionally, the escalation of the dollar’s value is exerting its influence on the price trend. Moreover, a decrease in industrial demand has further contributed to the decline in silver rates.

Gold Rates Today in Four Major Indian Cities:

  • Delhi: The rate for 24 carat gold stands at Rs 60,310 per 10 grams.
  • Mumbai: The price of 24 carat gold is Rs 60,160 per 10 grams.
  • Kolkata: The current rate for 24 carat gold is Rs 60,160 per 10 grams.
  • Chennai: 24 carat gold is priced at Rs 60,600 per 10 grams in Chennai.

In Conclusion: The ongoing decline in gold and silver prices is a direct outcome of subdued global demand, reinforced by the strengthening dollar and reduced industrial interest. This downward trend has implications not only for investors but also for various industries dependent on these precious metals. As markets continue to evolve, these fluctuations in rates prompt a closer examination of the economic landscape.

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