Gold and Silver Prices on October 23: Gold and silver prices are climbing globally amid uncertainties related to the upcoming US presidential elections and ongoing global issues. The recent push by BRICS nations towards de-dollarisation has also increased demand for precious metals. On October 23, gold prices in India surpassed the Rs 80,000 mark for the first time.
The price of 24-carat gold, known for its highest purity, reached Rs 80,220 per 10 grams. For jewelry buyers, 22-carat gold, which is more durable due to its alloy composition, was priced at Rs 73,550 per 10 grams, according to goodreturns.in. Meanwhile, silver has seen a significant rise, trading at Rs 1,04,000 per kilogram.
Rahul Kalantri, vice-president (commodities) at Mehta Equities, stated, “Gold and silver showed strong momentum today, with gold prices surpassing $2,750 per troy ounce and silver hitting 12-year highs at $35 per troy ounce. In India, silver on the MCX platform has crossed the five-digit mark per kilogram for the first time. Uncertainty around the US presidential elections and the BRICS push towards de-dollarisation are driving demand for these metals.”
With elections approaching, concerns over Kamala Harris’ prospects are boosting the safe-haven appeal of gold and silver. However, the strengthening dollar index and US bond yields may limit gains for these metals, he added.
The gold price per gram reflects the cost of a single gram, typically expressed in Indian Rupees. This price fluctuates daily based on economic conditions, geopolitical events, and supply-demand dynamics.
In India, the retail price of gold that consumers pay includes various factors beyond its market value, such as import duties, taxes, and currency exchange rates. Gold holds significant cultural value in India, serving as a popular investment and playing a central role in weddings and festivals.
As market conditions evolve, investors and traders are closely monitoring these trends. Stay tuned for further updates.
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