Gold and Silver Prices After Historic Plunge; Are You Ready to Shine?
The precious metals market experienced extreme price changes throughout Monday. Gold and silver saw their largest single-day price drop in more than ten years, though this should not cause immediate worry. Spot gold recovered almost 1% after declining 4%, while silver reached $84.14 after rebounding 8% from a temporary 12% drop. Over the past year, both have soared to record highs. Are you holding gold or silver; or thinking of buying now?
Investors should watch the market closely, as geopolitical tensions, currency concerns, and Federal Reserve actions are driving current fluctuations.
By 9:45 AM, Gold and silver futures continued their downward trend for a third consecutive session on February 2, as traders sold holdings following last month’s exceptional price surge. MCX Silver fell Rs 26,273 (9%) to Rs 2,65,652/kg, while April gold dropped Rs 4,592 (3%) to Rs 1,47,753/10g.
Globally, spot gold declined 1.5% to $4,793.97/oz, while silver rose 1.6% to $85.98/oz, still far below its all-time high. A stronger US dollar added pressure, as traders anticipate the Federal Reserve reducing its balance sheet. Are you holding, buying, or waiting? The market demands attention, it affects your financial resources.
| City | 24 Carat Gold Price | 22K Carat Gold Price | 18K Carat Gold Price |
|---|---|---|---|
| Chennai | ₹15,218 | ₹13,950 | ₹12,000 |
| Mumbai | ₹15,153 | ₹13,890 | ₹11,365 |
| Delhi | ₹15,168 | ₹13,905 | ₹11,380 |
| Kolkata | ₹15,153 | ₹13,890 | ₹11,365 |
| Bangalore | ₹15,153 | ₹13,890 | ₹11,365 |
| Hyderabad | ₹15,153 | ₹13,890 | ₹11,365 |
| Kerala | ₹15,153 | ₹13,890 | ₹11,365 |
| Pune | ₹15,153 | ₹13,890 | ₹11,365 |
| City | 1kg Silver |
|---|---|
| Chennai | ₹3,00,000 |
| Mumbai | ₹3,00,000 |
| Delhi | ₹3,00,000 |
| Kolkata | ₹3,00,000 |
| Bangalore | ₹3,00,000 |
| Hyderabad | ₹3,00,000 |
| Kerala | ₹3,00,000 |
| Pune | ₹3,00,000 |
| Country | Gold Price (10 grams 24 Karat) | Converted to Indian Rupees Approx. |
|---|---|---|
| Bangladesh | 2,04,848 Taka | 1,53,950 Rupees |
| Pakistan | 4,91,137 Rupees | 1,61,315 Rupees |
| Dubai (UAE) | 5,895 Dirhams | 1,36,600 Rupees |
| USA | 1,605 US Dollars | 1,47,110 Rupees |
| Canada | 2,380 Canadian Dollars | 1,60,100 Rupees |
| Ireland | 1,388 Euros | 1,28,280 Rupees |
(With Inputs from good returns and mcx)
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Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
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