Gold and Silver Price Today (October 8): Gold and silver falls for second straight day on weak global trends

Gold prices declined by ₹220 per 10 grams in major cities across India on Tuesday, October 8, as the precious metal trading above ₹77,000 mark impacted retail demand.

The yellow metal also retreated to the day’s low level in early Asian trade, which impacted investor sentiment. According to experts, expectations of smaller rate cuts by the US Federal Reserve in the coming months after the recent US jobs data have reined in gold’s bull run in overseas markets. A weaker rupee, however, is supporting gold prices in India, paring the impact of weak global cues.

Gold prices eased by 0.25% to $2,635 an ounce in early Asian trade to trade near the day’s low in global markets on Tuesday.

Gold Price Today in India (October 8, 2024)

In Delhi markets, 24K gold prices declined by ₹220 to ₹77,590 per 10 grams and 22K gold by ₹200 to ₹71,140 per 10 gm.

Gold Price Today in Major Cities:

Silver Price Today in India (October 8, 2024)

Falling for the second day, silver prices declined ₹100 per kilogram in major cities due to losses in the white metal in global markets. While weak global cues weighed on the metal, festive season demand from coin makers was limiting the losses. In Delhi markets, silver traded at ₹96,800 per kg in early deals. Silver was trading down 1.51% at $31.2 an ounce in global markets in early trade.

Silver Price Today in Major Cities:

Comparison of Gold and Silver Prices This Week

Gold and silver continued to fall this week after hitting the record high levels on Saturday last week. Silver touched a high of ₹97,000 per kg on Saturday. However the metal retreated from all-time highs due to its losses in global markets. Gold also fell back from record highs as global rally steamed out on lower rate cut hopes.

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

*Mumbai rates