Gold, silver prices today: Gold price surges to Rs 52,370, silver goes up to Rs 61,600 amid weak dollar, festive demand
In the international market, gold prices were firm on Friday ahead of the US jobs report. Gold prices have risen about 3 per cent so far this week, due to a retreat in the dollar and Treasury yields from multi-year peaks.
- Oct 7, 2022,
- Updated Oct 7, 2022 11:06 AM IST
Gold and silver inched higher in Indian markets on Friday as US Treasury yields showed a dip. The price of gold has gone up to Rs 48,010 for 10 grams of 22-carat gold. The price of one gram of 24-carat gold today is Rs 5,237. Silver was trading at Rs 61,600 per kg.
On Thursday, gold futures were up 0.4 per cent on MCX to over a one-month high of Rs 51,848 per 10 grams. Silver futures jumped 1.2 per cent to Rs 61,525 per kg.
In the international market, gold prices were firm on Friday ahead of the US jobs report. Experts feel the report can help investors understand the Federal Reserve's next rate hike direction. Prices have risen about 3 per cent so far in the week, helped by a retreat in the dollar and Treasury yields from multi-year peaks. Spot gold was little changed at $1,709.69 per ounce, as of 0123 GMT. US gold futures were flat at $1,719.90. Spot silver however fell 0.3 per cent to $20.64 per ounce. On the other hand, the dollar index and benchmark US 10-year Treasury yields were steady after rising overnight.
Also read: Is it the right time to buy gold? MMTC-PAMP CEO reveals
Domestic prices
In Mumbai and Kolkata, 24-carat gold is selling at Rs 52,220 per 10 grams, while 22-carat gold is trading at Rs 47,850, respectively. In Delhi, 24-carat and 22-carat gold are trading at Rs 52,360 and Rs 48,000 per 10 gm, respectively.
In Chennai, 24-carat and 22-carat gold are trading at Rs 52,750 and Rs 48,350, respectively. It is to be noted that gold prices vary from city to city and depend on taxes and duties levied by the state government.
| Cities | 22-Carat Gold Rates | 24-Carat Gold Rates |
| Chennai | Rs 48,350 | Rs 52,750 |
| Mumbai | Rs 47,850 | Rs 52,220 |
| Delhi | Rs 48,000 | Rs 52,360 |
| Kolkata | Rs 47,850 | Rs 52,220 |
| Bangalore | Rs 47,900 | Rs 52,250 |
| Hyderabad | Rs 47,850 | Rs 52,220 |
Prices now and then
In India, the physical gold market showed an improvement last week mostly due to festivities. India is the world's second-biggest consumer of gold. It slashed the base import prices of the metal on Friday. A report published recently by the rating agency ICRA has stated that India’s demand for gold jewellery is expected to increase 11 per cent this festive season. The Reserve Bank of India (RBI) has also predicted a flourshing festive season for gold and silver amid heightened consumer demand in metros as well as the Indian heartland.
Also read: How to Invest in digital gold this festive season: 4 instruments one can look at
Experts feel the price of gold can go further after it was reported that ICBC Standard Bank, JP Morgan, and Standard Chartered Bank, which supply gold to India, are cutting gold imports. A Reuters report highlighted that usually before the festive season, these banks import gold in large quantities and deposit it in their vaults.
As per the report, gold supply banks have reduced the number of shipments to India and are sending them to China and Turkey, where they are getting better premiums. Due to this, there may be a shortage of gold in India, and hence the prices may escalate further.
Gold prices in last 10 days
| Date | Price for 22-carat gold | Price for 24-carat gold |
| Oct 7 | Rs 47,850 | Rs 52,370 |
| Oct 6 | Rs 47,850 ( up by Rs 100 ) | Rs 52,200 ( up by Rs 100 ) |
| Oct 5 | Rs 47,750 ( up by Rs 400 ) | Rs 52,100 (up by Rs 440) |
| Oct 4 | Rs 47,350 ( up by Rs 500) | Rs 51,660 (up by Rs 550) |
| Oct 3 | Rs 46,850 (up by Rs 350 ) | Rs 51,110 (up by Rs 380) |
| Oct 2 | Rs 46,500 (-) | Rs 50,730 (-) |
| Oct 1 | Rs 46,500 (down by Rs 150) | Rs 50,730 (down by Rs 170) |
| Sept 30 | Rs 46,500 (up by Rs 250) | Rs 50,900 (up by Rs 280) |
| Sept 29 | Rs 46,400 (up by Rs 600) | Rs 50,620 (down by Rs 650) |
| Sept 28 | Rs 45,800 (-) | Rs 49,970 (-) |
Gold and silver inched higher in Indian markets on Friday as US Treasury yields showed a dip. The price of gold has gone up to Rs 48,010 for 10 grams of 22-carat gold. The price of one gram of 24-carat gold today is Rs 5,237. Silver was trading at Rs 61,600 per kg.
On Thursday, gold futures were up 0.4 per cent on MCX to over a one-month high of Rs 51,848 per 10 grams. Silver futures jumped 1.2 per cent to Rs 61,525 per kg.
In the international market, gold prices were firm on Friday ahead of the US jobs report. Experts feel the report can help investors understand the Federal Reserve's next rate hike direction. Prices have risen about 3 per cent so far in the week, helped by a retreat in the dollar and Treasury yields from multi-year peaks. Spot gold was little changed at $1,709.69 per ounce, as of 0123 GMT. US gold futures were flat at $1,719.90. Spot silver however fell 0.3 per cent to $20.64 per ounce. On the other hand, the dollar index and benchmark US 10-year Treasury yields were steady after rising overnight.
Also read: Is it the right time to buy gold? MMTC-PAMP CEO reveals
Domestic prices
In Mumbai and Kolkata, 24-carat gold is selling at Rs 52,220 per 10 grams, while 22-carat gold is trading at Rs 47,850, respectively. In Delhi, 24-carat and 22-carat gold are trading at Rs 52,360 and Rs 48,000 per 10 gm, respectively.
In Chennai, 24-carat and 22-carat gold are trading at Rs 52,750 and Rs 48,350, respectively. It is to be noted that gold prices vary from city to city and depend on taxes and duties levied by the state government.
| Cities | 22-Carat Gold Rates | 24-Carat Gold Rates |
| Chennai | Rs 48,350 | Rs 52,750 |
| Mumbai | Rs 47,850 | Rs 52,220 |
| Delhi | Rs 48,000 | Rs 52,360 |
| Kolkata | Rs 47,850 | Rs 52,220 |
| Bangalore | Rs 47,900 | Rs 52,250 |
| Hyderabad | Rs 47,850 | Rs 52,220 |
Prices now and then
In India, the physical gold market showed an improvement last week mostly due to festivities. India is the world's second-biggest consumer of gold. It slashed the base import prices of the metal on Friday. A report published recently by the rating agency ICRA has stated that India’s demand for gold jewellery is expected to increase 11 per cent this festive season. The Reserve Bank of India (RBI) has also predicted a flourshing festive season for gold and silver amid heightened consumer demand in metros as well as the Indian heartland.
Also read: How to Invest in digital gold this festive season: 4 instruments one can look at
Experts feel the price of gold can go further after it was reported that ICBC Standard Bank, JP Morgan, and Standard Chartered Bank, which supply gold to India, are cutting gold imports. A Reuters report highlighted that usually before the festive season, these banks import gold in large quantities and deposit it in their vaults.
As per the report, gold supply banks have reduced the number of shipments to India and are sending them to China and Turkey, where they are getting better premiums. Due to this, there may be a shortage of gold in India, and hence the prices may escalate further.
Gold prices in last 10 days
| Date | Price for 22-carat gold | Price for 24-carat gold |
| Oct 7 | Rs 47,850 | Rs 52,370 |
| Oct 6 | Rs 47,850 ( up by Rs 100 ) | Rs 52,200 ( up by Rs 100 ) |
| Oct 5 | Rs 47,750 ( up by Rs 400 ) | Rs 52,100 (up by Rs 440) |
| Oct 4 | Rs 47,350 ( up by Rs 500) | Rs 51,660 (up by Rs 550) |
| Oct 3 | Rs 46,850 (up by Rs 350 ) | Rs 51,110 (up by Rs 380) |
| Oct 2 | Rs 46,500 (-) | Rs 50,730 (-) |
| Oct 1 | Rs 46,500 (down by Rs 150) | Rs 50,730 (down by Rs 170) |
| Sept 30 | Rs 46,500 (up by Rs 250) | Rs 50,900 (up by Rs 280) |
| Sept 29 | Rs 46,400 (up by Rs 600) | Rs 50,620 (down by Rs 650) |
| Sept 28 | Rs 45,800 (-) | Rs 49,970 (-) |