Gold and Silver Price Today (October 1): Gold prices fall for second straight day in early trade on weak demand

Gold prices eased for the second day in a row in major cities in India on Tuesday, October 1, due to weak local demand and global cues.

The precious metal declined by ₹160 per 10 grams in Delhi and Mumbai markets due to weak demand from jewellers and retailers. Gold traded lower in overnight trade in global markets, which also impacted the local prices.

According to experts, gold prices are largely influenced by movement in United States treasury yields and expectations of rate cut by the US Federal Reserve in coming months. Geopolitical concerns amid the Israel-Hezbollah conflict are supporting the precious metal.

In early Asian trade, spot gold traded at $2,639.48 an ounce on Tuesday. The yellow metal hit a low of $2,632.39.48 an ounce in overnight trade, sharply down from its all-time high of $2,685.96 an ounce touched last week.

Gold Price Today in India (October 1, 2024)

In Delhi markets, 24K gold prices eased by ₹160 to ₹77,380 per 10 grams and 22K gold by ₹150 to ₹70,940 per 10 grams. On Saturday, 24K gold prices hit an all-time high of ₹77,500 per 10 grams and 22K gold at ₹71,100 per 10 grams.

Gold Price Today in Major Cities:

Silver Price Today in India (October 1, 2024)

Silver prices traded flat in Delhi markets at ₹94,900 per kilogram on firm global trends and some demand from industrial units. Silver prices rebounded from overnight lows to trade firm at $31.3425 an ounce in early Asian trade. Silver prices traded at $31.55 per ounce in global markets on Monday.

Silver Price Today in Major Cities:

Comparison of Gold and Silver Prices This Week

Gold prices have eased this week due to weak demand and some profit-taking by investors. Gold prices continued their fall on Tuesday in line with global trends. Silver, on the other hand, has remained flat as Chinese stimulus measures have offset the impact of a correction in silver prices in overseas markets.

Here’s a comparison of gold and silver prices from earlier this week:

*Mumbai Rates