Gold and Silver Price Today (October 9): Gold remains flat, silver dives ₹900 on weak demand

Gold prices remained flat in major Indian cities on Wednesday, October 9, as some festive retail demand for the precious metal offset the impact of weak global trends.

Investors were also cautious ahead of the Reserve Bank panel's announcement of the monetary policy action and its commentary on inflation. RBI Governor Shaktikanta Das will announce the monetary policy after a three-day meeting of the rate-setting panel. The RBI action could impact the Indian currency, which can, in turn, influence gold prices.

Gold prices dropped by 0.23% to $2,615.98 an ounce in early Asian trade on Wednesday and traded near the day’s low.

Gold Price Today in India (October 9, 2024)

In Delhi markets, 24K gold prices remained flat at ₹77,590 per 10 grams and 22K gold at ₹71,140 per 10 grams.

Gold Price Today in Major Cities:

Silver Price Today in India (October 9, 2024)

Silver prices dropped for the third day in a row, falling by ₹900 per kilogram in major cities due to weak global trends and poor local demand. In Delhi markets, silver traded at ₹95,900 per kg in early trade. In global markets, silver was trading down 0.50% at $30.5185 per ounce in early trade.

Silver Price Today in Major Cities:

Comparison of Gold and Silver Prices This Week

Silver has extended its losing streak to a third day this week in line with global prices and Chinese authorities remaining silent on any future stimulus measures to bolster the economy. Better economic prospects would drive demand and prices of industrial metals like silver. Gold arrested its fall on Wednesday and traded flat ahead of the RBI policy announcement.

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

*Mumbai rates