Precious Metals Market Drop
Indian Gold and Silver Futures Drop Nearly Two Percent Amid Market Pressures
Anonymous
Gold prices in India fell on September 28, with MCX futures down nearly 2%, although reported retail rates varied across sources. Indicative quotes ranged from about ₹15,017 to ₹15,267 per gram for 24-karat gold and ₹13,765 to ₹13,995 for 22-karat gold. Silver prices were also reported lower or largely unchanged, with one national quote at ₹2,28,970 per kilogram and another at ₹2,44,900. Global oil-price increases and inflation and interest-rate concerns were cited as factors weighing on bullion markets; domestic prices also reflect currency movements and regional differences. Buyers may pay more than quoted rates after taxes and jewellery-making charges.
Key Points
1
MCX silver futures fell 2.47% to about ₹2,28,900 per kilogram, while MCX gold futures declined 1.85% to ₹1,48,097 per 10 grams.
2
Despite the broader bullion-market decline, major jewellery chains Joyalukkas and Malabar Gold & Diamonds left their prices unchanged on September 28; Tanishq quoted 22K gold at ₹14,040 per gram, compared with ₹13,995 at the other two chains.
3
Silver prices showed a notable city spread: the article reported ₹2,69,000 per kilogram in Ahmedabad versus ₹2,57,000 in Yadgir, and said Gujarat had the highest state rate while Karnataka had the lowest.
4
In Bulandshahr, silver was reported at ₹2,66,000 per kilogram on September 27, up ₹100 from the previous day; the article's monthly figures show it had reached ₹2,76,100 earlier in September.
5
The indicative silver rate differed by city: Chennai, Hyderabad and Kerala were quoted at ₹2,499 per 10 grams, compared with ₹2,449 in Delhi, Mumbai, Kolkata, Bengaluru and Pune.
Sentiment
Mostly NegativeNEGATIVENEUTRALPOSITIVE
Publishers
20
Articles
11
Reach
31
A
AnonymousAuthor
