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Gold Price India, Oct 3: Yellow Metal, Silver Prices Rise As Festive Season Picks Momentum
The prices of gold and silver witness a rise in India today with price of 22 carat gold witnessed a jump of Rs 350 to settle at Rs 46,850 per 10 gram. Meanwhile, price of 24 carat gold is registered at Rs 51,110 per 10 gram in India after a surge of Rs 380. The price of silver also rose by Rs 500 to close at Rs 57,400 per kg in India on Monday.
Silver price in India is determined by international prices, which move in either direction. The white metal price also depends on currency movement of the rupee against the dollar. If the rupee falls against the dollar and international prices remain stable, silver will become more expensive.
Gold has emerged a perfect hedge against inflation. Investors are increasingly looking at gold as an important investment.
When it comes to price of gold in Delhi, yellow metal surged by Rs 161 to Rs 50,682 per 10 gram amid a rise in prices of the metal in international market, according to HDFC Securities.
In the previous trade, the yellow metal had touched Rs 50,521 per 10 gram. Silver also rallied by Rs 1,010 to Rs 58,039 per kg. In the international market, gold was quoting higher at USD 1,665.1 per ounce while silver was up at USD 19.36 per ounce, according to a PTI report.
"Gold edged higher in Asian trading after capping its best week since mid-August as a retreat in the dollar index provided relief to the precious metal," said Dilip Parmar, Research Analyst at HDFC Securities.
The price of 22 carat gold in Kerala is Rs 46,850 per 10 gram. In Chennai, you need to pay Rs 47,050 per 10 gram for 22 carat gold. In Mumbai, 22 carat gold is selling for Rs 46, 850 per 10 gram.
