Are you buckling up for a wild ride? The Indian bullion market has been on a rollercoaster lately, with gold prices taking dramatic turns. Let’s delve into the ups and downs of the past week and discover today’s glittering rates.
Gold and Silver: A Chaotic Dance
There was a glimmer of hope for investors after both gold and silver showed signs of recovery in the last trading session. But rewind a bit to the beginning of the week, which saw a heart-stopping plunge. The bullion market stumbled, triggering panic as gold dipped below the crucial Rs 70,000 mark, and silver followed suit, slipping below Rs 80,000 per kilogram.
The Resilience of Precious Metals
Just like phoenixes rising from the ashes, gold and silver exhibited remarkable resilience. By Friday, the landscape had shifted dramatically. Here’s a detailed look at the week’s price movements:
| Carat | Monday Price (per 10 grams) | Friday Price (per 10 grams) | Change |
|---|---|---|---|
| 22 | Rs 66,321 | Rs 65,698 | Rs 623 drop |
| 24 | Rs 72,350 | Rs 71,670 | Rs 680 drop |
Silver’s price also danced to its own rhythm, leaving traders guessing its next move. From a high of Rs 82,800 per kilogram, it tumbled to Rs 82,520 per ten grams on Friday.
Global Moves: MCX and US Comex
- MCX: On the Multi Commodity Exchange (MCX), gold dipped slightly by 0.02 percent, closing at Rs 71,486 on Friday. Meanwhile, silver edged up by 0.01 percent, settling at Rs 82,502 per kilogram.
- US Comex: Overseas, gold traded at $2,349.60 per ounce, reflecting a 0.30 percent rise. Silver, however, slipped by 0.47 percent, reaching $27.23 per ounce.
City Chronicles: Gold and Silver’s Local Adventures
As expected, prices varied slightly across major Indian cities. Here’s a glimpse of today’s rates:
| City | 22 Carat Gold (per 10 grams) | 24 Carat Gold (per 10 grams) | Silver (per kilogram) |
|---|---|---|---|
| Delhi | Rs 65,468 | Rs 71,420 | Rs 82,230 |
| Mumbai | Rs 65,578 | Rs 71,540 | Rs 82,370 |
| Kolkata | Rs 65,496 | Rs 71,450 | Rs 82,260 |
| Chennai | Rs 65,771 | Rs 71,750 | Rs 82,610 |
The Golden Symphony Continues
The future of the bullion market remains uncertain. As the conductor raises their baton for the next movement, traders and investors hold their breath. Will gold and silver soar to new heights or dip into the abyss? Only time—and perhaps a sprinkle of stardust—will tell.
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