On Tuesday, October 3, 2023, both gold and silver prices witnessed a substantial decline on the Multi Commodity Exchange (MCX).
Gold futures, set to mature on December 5, 2023, were trading at Rs 57,426 per 10 grams, representing a decrease of Rs 881 or 1.53 percent from the previous closing price of Rs 57,600.
Similarly, silver futures, scheduled for December 5, 2023, experienced a notable drop of Rs 2,798 or 4.01 percent, and their current rate on the MCX stood at Rs 69,255 per kilogram, down from the previous closing rate of Rs 69,857.
GOLD AND SILVER PRICES IN VARIOUS CITIES
The pricing of gold varies across different regions within the country, influenced by factors like excise duty, making charges, and state taxes.
GOLD AND SILVER PRICES IN THE INTERNATIONAL MARKET
The decline in gold prices continued on Tuesday, marking its longest losing streak since August 2022. This decline was attributed to statements from Federal Reserve officials indicating the likelihood of sustained high-interest rates. Furthermore, the release of US job openings data later in the day had an additional impact on gold prices. According to the most recent metal report from Reuters, spot gold dropped by 0.4 percent, reaching $1,819.50 per ounce, extending its decline for the seventh consecutive session, reaching its lowest level since March 9.
US gold futures also saw a decrease of 0.6 percent, settling at $1,835.60 per ounce. Spot silver experienced a 0.4 percent decline, reaching $20.99 per ounce, along with other precious metals.