Gold Price on 12 October: Big jump in Gold and Silver prices again before the start of the festive season, Know the latest rates of your cities, As the festive season approaches in India, the demand for gold and silver is on the rise, but shoppers are in for a shock as prices continue to climb. On October 12, 2023, the Multi Commodity Exchange reported that gold crossed the significant milestone of ₹58,000. The day started with gold opening at ₹58,045, and by 11 o’clock, it was trading at ₹58,094, marking an increase of ₹154 or 0.27 percent compared to the previous day’s closing price of ₹57,940.
In addition to gold, silver also witnessed a surge in prices. The day began with silver opening at ₹69,734 per kg, and it continued to rise, ultimately becoming ₹409 more expensive, a 0.59 percent increase compared to the previous day’s closing price of ₹69,325. As of the latest report, silver is trading at ₹69,835 per kg.
Here are the new rates of gold and silver in ten major cities across India:
- Mumbai:
- 24 carat gold: ₹58,910
- Silver: ₹72,600 per kg
- Chennai:
- 24 carat gold: ₹59,070
- Silver: ₹75,500 per kg
- Kolkata:
- 24 carat gold: ₹58,910
- Silver: ₹72,600 per kg
- Delhi:
- 24 carat gold: ₹59,060
- Silver: ₹72,600 per kg
- Noida:
- 24 carat gold: ₹59,060
- Silver: ₹72,600 per kg
- Ghaziabad:
- 24 carat gold: ₹59,060
- Silver: ₹72,600 per kg
- Jaipur:
- 24 carat gold: ₹59,060
- Silver: ₹70,600 per kg
- Lucknow:
- 24 carat gold: ₹59,060
- Silver: ₹72,600 per kg
- Patna:
- 24 carat gold: ₹58,960
- Silver: ₹72,600 per kg
- Gurugram:
- 24 carat gold: ₹59,060
- Silver: ₹72,600 per kg
- Pune:
- 24 carat gold: ₹58,910
- Silver: ₹72,600 per kg
- Goa:
- 24 carat gold: ₹58,910
- Silver: ₹71,000 per kg
The international market for precious metals has also seen significant fluctuations. The ongoing Israel-Hamas conflict has been a driving force behind the increase in gold prices worldwide. As of now, gold is trading at $1,878.50 per ounce, representing a 0.24 percent increase compared to the previous day’s rates. Silver is not far behind, experiencing a 0.72 percent surge, with prices now at $22.29 per ounce.
Many financial experts believe that the rise in gold prices can be attributed to the safe-haven status that gold traditionally holds. Investors often turn to gold during times of geopolitical uncertainty, viewing it as a reliable store of value. The current conflict between Israel and Hamas has certainly fueled this sentiment, causing investors to flock to the precious metal.
As the festive season kicks off in India, consumers are faced with higher prices for gold and silver. This surge in prices is driven by both domestic and international factors, making these precious metals even more valuable in the eyes of investors and consumers alike. While the rising prices may pose a challenge for those looking to make their festive purchases, they also serve as a testament to the enduring appeal and significance of gold and silver in our ever-changing world.