Gold rate today in India (22 carat) fell to Rs 70,990 per 10 gram (gm), according to “Good Returns .” While, 24 carat gold rate was quoted at Rs 77,440 per 10 gm. As far as yellow metal of 18 carat purity is concerned, its prices traded at Rs 58,080 per 10 gm on Tuesday, October 08, 2024.  While, silver rates today also fell by Rs 100 to Rs 96,800 per kg.

MCX Gold & Silver Price

In futures trade, gold and silver contracts traded positively on Tuesday. MCX Gold for December delivery traded 0.01% higher at Rs 76,050 per 10 gm on the Multi Commodity Exchange at the time of writing this article. While, silver contracts for December delivery also traded in green (0.04% higher) at Rs 92,394 per 1 kg.

Gold And Silver Rates Today In Different Cities In India:

Gold Rate Fall Reasons

Gold rates have fallen continuously in last two days due to the following reasons:

1. Stronger Dollar
   The Greenback’s value has risen in last few days. The US Dollar Index (DXY), which tracks the currency’s value against a basket of six peers stood firm above the 100 mark by end of session on Monday. Dollar’s value against Rupee was at 83.98 when this article was written. High value of greenback translates to higher trading cost of yellow metal for commodity traders of other countries due to currency conversion rates. Recent rise in US Dollar has discouraged investors to take fresh entry in the precious metal sliding its prices.

2. Anticipation of Lower Than Estimated Rate Cut By US Fed

Traders have scaled back expectations of higher interest rate cut of 0.50% when the US Central Bank would sit for the upcoming meeting in November 2024. Analysts now expect smaller rate cut of 0.25%. Lower slashing of the interest signifies smaller uptick in gold rates making traders not that much bullish on the yellow metal as they were earlier.