As of February 8, 2023, gold and silver prices in India have shown a notable stability following a recent surge. This article provides a comprehensive overview of the current rates, market trends, and factors influencing these precious metals.
Current Gold Prices
On February 8, gold prices remained unchanged from the previous day. The rates are as follows:
24 Karat Gold: ₹1,56,600 per 10 grams
22 Karat Gold: ₹1,43,550 per 10 grams
This stability comes after a significant increase on February 7, where 24K gold saw a rise of ₹2,890 per 10 grams, and 22K gold increased by ₹2,650 per 10 grams. This fluctuation indicates a brief period of price stability after a recent upward trend, reflecting the dynamic nature of the gold market.
Current Silver Prices
Silver prices today are set at:
₹285 per gram
₹2,850 per 10 grams
₹2,85,000 per kilogram
Silver prices are heavily influenced by international market trends, which fluctuate based on global demand and supply. Factors such as currency exchange rates, industrial demand, inflation, and government policies also play a crucial role in determining silver prices in India.
Market Overview: February 6
On February 6, the Multi Commodity Exchange (MCX) reported a decline in gold prices. The yellow metal opened at ₹1,49,396 per 10 grams, down ₹2,675 (1.76%) from the previous close of ₹1,52,071. This drop was attributed to the Reserve Bank of India’s decision to keep the repo rate unchanged, dampening expectations of monetary easing and affecting sentiment in the domestic bullion market. Silver experienced an even steeper decline, opening at ₹2,34,063 per kg, down ₹9,752 (nearly 4%) from its previous close.
Factors Influencing Daily Price Changes
Gold and silver prices in India fluctuate daily due to a myriad of global and domestic factors. Key influences include:
International Bullion Markets: Changes in global prices directly impact local rates.
Currency Exchange Rates: The rupee–US dollar exchange rate can significantly affect prices.
Inflation and Economic Uncertainty: Rising inflation and economic instability often lead to increased demand for gold and silver as safe-haven investments.
Geopolitical Events: Global events can create volatility in the markets, affecting supply and demand dynamics.
City-wise Gold Prices
Here’s a snapshot of gold prices across major Indian cities:
City
24K (Rs/10g)
22K (Rs/10g)
18K (Rs/10g)
Chennai
1,57,310
1,44,200
1,23,500
Mumbai
1,56,600
1,43,550
1,17,450
Delhi
1,56,750
1,43,700
1,17,600
Kolkata
1,56,600
1,43,550
1,17,450
Bangalore
1,56,600
1,43,550
1,17,450
Hyderabad
1,56,600
1,43,550
1,17,450
Pune
1,56,600
1,43,550
1,17,450
Jaipur
1,56,750
1,43,700
1,17,600
City-wise Silver Prices
The silver prices across major cities are consistent:
City
10 grams (Rs)
100 grams (Rs)
1 Kg (Rs)
Chennai
2,850
28,500
2,85,000
Mumbai
2,850
28,500
2,85,000
Delhi
2,850
28,500
2,85,000
Kolkata
2,850
28,500
2,85,000
Bangalore
2,850
28,500
2,85,000
Hyderabad
2,850
28,500
2,85,000
Conclusion
As the market remains closed today, it will be intriguing to observe how gold and silver prices evolve when trading resumes. Investors and enthusiasts alike should stay tuned for updates, as fluctuations in these precious metals can significantly impact investment strategies and purchasing decisions.
For the latest updates on gold and silver rates, keep an eye on the News24 Live Blog.
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