Gold and Silver Prices on 24 March: Live Updates on Current 24K, 22K, 18K Gold and 10g, 100g, 1kg Silver Rates
Gold and Silver Market Update
24 March 2023
The gold and silver markets in India continued their downward trend on 24 March, with the MCX gold rate opening at ₹1,38,411 per 10 grams and touching a low of ₹1,36,762, resulting in a 2% intraday loss. Similarly, the MCX silver price extended its decline, falling by ₹9,474 or 4.21% to ₹215,693 per kg.
The decline in gold and silver prices can be attributed to concerns over inflation, particularly in the wake of the US-Iran war, which has led to a devastation of the global oil infrastructure. Market analysts believe that the US Federal Reserve will maintain its interest rates unchanged in the near term due to persistent inflation fears. Furthermore, central banks across the world are expected to offload their gold reserves to combat inflation, leading to an oversupply in the market and downward pressure on prices.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
Gold Rates Across Major Cities in India
| City | 24 KT | 22 KT | 18 KT |
|---|---|---|---|
| Delhi | ₹1,37,820.00 | ₹1,26,564 | ₹1,03,553 |
| Jaipur | ₹1,38,520 | ₹1,26,977 | ₹1,03,890 |
| Mumbai | ₹1,38,540 | ₹1,26,995 | ₹1,03,905 |
| Kolkata | ₹1,38,350 | ₹1,26,821 | ₹1,03,763 |
| Bengaluru | ₹1,38,940 | ₹1,27,362 | ₹1,04,205 |
| Chennai | ₹1,39,240 | ₹1,27,637 | ₹1,04,430 |
| Hyderabad | ₹1,39,050 | ₹1,27,463 | ₹1,04,288 |
| Nashik | ₹1,38,830 | ₹1,27,261 | ₹1,04,123 |
| Rajkot | ₹1,39,490 | ₹1,27,866 | ₹1,04,618 |
| Pune | ₹1,39,310 | ₹1,27,701 | ₹1,04,483 |
Silver Rates Across Major Cities in India
| City | 10 GM | 100 GM | 1 KG |
|---|---|---|---|
| Delhi | ₹2,190 | ₹21,896 | ₹2,18,960 |
| Jaipur | ₹2,193 | ₹21,932 | ₹2,19,320 |
| Mumbai | ₹2,194 | ₹21,935 | ₹2,19,350 |
| Kolkata | ₹2,191 | ₹21,906 | ₹2,19,060 |
| Bengaluru | ₹2,206 | ₹22,060 | ₹2,20,600 |
| Chennai | ₹2,211 | ₹22,107 | ₹2,21,070 |
| Hyderabad | ₹2,208 | ₹22,077 | ₹2,20,770 |
| Nashik | ₹2,204 | ₹22,043 | ₹2,20,430 |
| Rajkot | ₹2,228 | ₹22,275 | ₹2,22,750 |
| Pune | ₹2,225 | ₹22,245 | ₹2,22,450 |
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
Investor Takeaway
Investors should be cautious of potential market volatility due to inflation concerns and global events.
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