Gold and silver prices: Gold and silver prices remained in focus today after the US Federal Reserve raised its benchmark interest rate by 25 basis points, taking the target range to 3.75%-4%. The rate decision came as investors assessed the outlook for and its impact on precious metals.
Gold prices had fallen sharply in the previous session, but global bullion prices recovered on Thursday. Spot gold rose more than 1% to around $4,310 an ounce, while silver also gained, according to Reuters. Investors continued to track the US dollar, Treasury yields and geopolitical developments alongside the Fed decision.
The latest move follows a volatile period for precious metals. Gold had fallen by more than 1% on Wednesday, while silver also came under pressure ahead of the US central bank’s decision.
In India, domestic gold and silver prices are influenced by international bullion prices, the rupee-dollar exchange rate and local market conditions.
Changes in retail gold and silver prices today
In the retail market, gold is sold in 24-karat and 22-karat purity. While 24-karat gold is considered the purest form, 22-karat gold is more commonly used for making jewellery because it is more durable in nature.
On Thursday, 24-carat gold was priced at ₹1,53,600 per 10 grams, while 22-carat gold was priced at ₹1,40,800 per 10 grams, according to Bullions.co.in. Silver 999 Fine was priced at ₹2,35,140 per kg.
This means 10 grams of 24K gold costs ₹1.536 lakh, while the equivalent quantity of 22K gold costs ₹1.408 lakh before jewellery-making charges and taxes.
Customers must note that jewellers may add making charges, taxes and GST to the bill, which could increase the final price of the item.
Here’s a look at the latest across major Indian cities on September 17.
Gold Prices in New Delhi — September 17
24 karat gold rate in New Delhi — ₹1,53,060/10 gm
22 karat gold rate in New Delhi — ₹1,40,305/10 gm
Silver 999 Fine rate in New Delhi — ₹2,34,310/1 kg
Gold Prices in Mumbai — September 17
24 karat gold rate in Mumbai — ₹1,53,320/10 gm
22 karat gold rate in Mumbai — ₹1,40,543/10 gm
Silver 999 Fine rate in Mumbai — ₹2,34,710/1 kg
Gold Prices in Bengaluru — September 17
24 karat gold rate in Bengaluru — ₹1,53,440/10 gm
22 karat gold rate in Bengaluru — ₹1,40,653/10 gm
Silver 999 Fine rate in Bengaluru — ₹2,34,890/1 kg
Gold Prices in Kolkata — September 17
24 karat gold rate in Kolkata — ₹1,53,120/10 gm
22 karat gold rate in Kolkata — ₹1,40,360/10 gm
Silver 999 Fine rate in Kolkata — ₹2,34,400/1 kg
Gold Prices in Hyderabad — September 17
24 karat gold rate in Hyderabad — ₹1,53,560/10 gm
22 karat gold rate in Hyderabad — ₹1,40,763/10 gm
Silver 999 Fine rate in Hyderabad — ₹2,35,080/1 kg
Gold Prices in Chennai — September 17
24 karat gold rate in Chennai — ₹1,53,770/10 gm
22 karat gold rate in Chennai — ₹1,40,956/10 gm
Silver 999 Fine rate in Chennai — ₹2,35,390/1 kg
How much returns have gold, silver given so far
Gold has delivered strong returns over the past year, although prices have seen significant day-to-day volatility. Silver has recorded an even sharper increase.
According to Bullions data, 24K gold has risen 39.22% over the past year, while silver has gained 85.49%. Gold was around ₹1,10,350 per 10 grams a year ago, compared with ₹1,53,600 now. Silver was around ₹1,26,850 per kg, compared with ₹2,35,140 currently.
The gains mean that ₹1 lakh invested in gold a year ago would be worth roughly ₹1.39 lakh based on the bullion rate, while the same amount in would be worth around ₹1.85 lakh, before considering transaction costs and taxes.
For consumers, the bullion rate should not be treated as the final price of jewellery. The amount paid to a jeweller can be higher after adding making charges, GST and other applicable costs.