Gold Price Drops in Hyderabad, Delhi, and Mumbai today, October 10 — Check City-Wise Rates

Gold prices in India have seen a huge rise today, October 10, setting new all-time records and taking investors and buyers of jewellery by surprise. As per the latest update from bullion markets, the price of 24-carat gold has risen to ₹1,26,320 per 10 grams, while that of 22-carat gold now is at ₹1,14,200 per 10 grams.

Concurrently, silver prices also surged remarkably, with a kilogram of silver selling at ₹1,68,551, which reflects a good upward trend from the day before yesterday.

Analysts blame the sharp rise in the prices of gold and silver on global economic uncertainties, the weakening of the US dollar, and the current international financial crisis, which have all contributed to increasing the demand for precious metals as safe-haven assets.

In the last few weeks, gold prices have been going up nearly every day, setting new records day after day since the month started. Compared to last year, the prices of gold have risen by almost 50%, the figures indicating robust market sentiment and investor confidence in the metal.

The ongoing rally in gold has rendered jewellery buying very costly for consumers. With 24-carat gold rates breaching ₹1.26 lakh and 22-carat gold reaching almost ₹1.14 lakh, gold ornament buying has turned into a luxury item for most families.

Financial experts point out that the increasing interest of investors in gold has been behind the sustained run-up. The world's central banks, including those in India, are adding to gold reserves, yet another reason for firming up demand.

Silver has also moved in tandem. With the prices now reaching ₹1.68 lakh a kilogram, the surge is attributed by experts to firm industrial demand and tight supply conditions in international markets.

Gold and silver continue to beat other investment assets, and experts opine that short of economic stability in the world, prices will not drop in the near future.

Disclaimer:

Gold and silver prices mentioned in this article are based on prevailing market rates, and may vary across cities and jewellery stores. Prices are subject to change depending on international market fluctuations, currency exchange rates, and local taxes. Readers are advised to check the latest rates before making any purchase or investment decisions.

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