Gold and Silver Prices Plummet This Week
Gold prices dropped by ₹3,000 and silver by over ₹10,000 this week, according to the India Bullion and Jewellers Association.
New Delhi, October 18 (Udaipur Kiran) : This week, gold and silver experienced significant price drops, with gold falling by ₹3,000 and silver by over ₹10,000. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold decreased to ₹1,46,426 per 10 grams from ₹1,49,430.
Meanwhile, the price of 22-carat gold is now ₹1,34,126 per 10 grams, down from ₹1,36,878, and 18-carat gold has dropped to ₹1,09,820 per 10 grams, down from ₹1,12,073. The lowest price for 24-carat gold this week was observed on October 15, at ₹1,45,564 per 10 grams, while the highest was ₹1,48,425 per 10 grams on October 12.
Silver also saw a decline, with its price falling by ₹10,191 to ₹2,10,918 per kilogram, down from ₹2,21,109. The highest price for silver this week was recorded on October 12 at ₹2,20,874 per kilogram, and the lowest was ₹2,07,098 per kilogram on October 15.
The IBJA releases gold and silver prices twice daily, in the morning and evening sessions. Internationally, gold is priced around $4,186 per ounce, and silver is approximately $57 per ounce.
Experts attribute the decline in gold and silver prices to rising crude oil prices, which have strengthened the dollar, thereby increasing pressure on these precious metals. Additionally, the potential for rising interest rates due to inflation has led investors to sell off their holdings in gold and silver.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
