Gold and silver prices: fell for a fourth consecutive session on Wednesday as rising oil prices fuelled concerns over inflation. Investors are also awaiting next week’s US policy meeting for clues about the future direction of interest rates.
Spot gold declined 0.2% to $4,118.18 per ounce, while US gold futures for December delivery fell 0.2% to $4,136.20, according to Reuters.
Markets are pricing in a 16% chance of a rate hike at the Fed’s October 27–28 policy meeting, while the probability of a hike in December remains around 90%. Higher interest rates typically weigh on gold prices as they increase the opportunity cost of holding the non-interest-bearing metal. Meanwhile, the US dollar index stabilised after recent losses, limiting demand for bullion.
Investors are also awaiting US Personal Consumption Expenditures (PCE) inflation data due next week. The PCE price index is the Fed’s preferred measure for tracking inflation against its 2% target, according to Reuters. Among other precious metals, spot silver fell 0.9% to $57.44 per ounce.
In the domestic market, MCX gold futures were trading 0.40% lower at ₹1,45,939 per 10 grams on October 21. MCX futures declined around 0.94% to ₹2,09,494 per kg at approximately 9:40 am.
Gold and silver prices today in India
Gold is available in different purities in the retail market, with 24-karat gold being the purest form and 22-karat gold commonly used to make jewellery due to its greater durability.
Here’s a look at the latest gold prices in major Indian cities on 21 October.
Gold Prices in New Delhi — 21 October
24 karat gold rate in New Delhi — ₹145,740/10 gm
22 karat gold rate in New Delhi — ₹133,595/10 gm
Silver 999 Fine rate in New Delhi — ₹209,200/1 kg
Gold Prices in Mumbai — 21 October
24 karat gold rate in Mumbai — ₹146,120/10 gm
22 karat gold rate in Mumbai — ₹133,943/10 gm
Silver 999 Fine rate in Mumbai — ₹209,850/1 kg
Gold Prices in Bengaluru — 21 October
24 karat gold rate in Bengaluru — ₹146,340/10 gm
22 karat gold rate in Bengaluru — ₹134,145/10 gm
Silver 999 Fine rate in Bengaluru — ₹210,360/1 kg
Gold Prices in Kolkata — 21 October
24 karat gold rate in Kolkata — ₹146,030/10 gm
22 karat gold rate in Kolkata — ₹133,861/10 gm
Silver 999 Fine rate in Kolkata — ₹209,910/1 kg
Gold Prices in Hyderabad — 21 October
24 karat gold rate in Hyderabad — ₹146,470/10 gm
22 karat gold rate in Hyderabad — ₹134,264/10 gm
Silver 999 Fine rate in Hyderabad — ₹210,270/1 kg
Gold Prices in Chennai — 21 October
24 karat gold rate in Chennai — ₹146,660/10 gm
22 karat gold rate in Chennai — ₹134,438/10 gm
Silver 999 Fine rate in Chennai — ₹210,550/1 kg
Disclaimer: Gold and silver prices are indicative and may vary across jewellers and locations. This is for informational purposes only.