Mumbai, Oct 24: After a record breaking festive rally, gold and silver prices in India have taken a slight dip on Friday. Gold slipped marginally across major cities, while silver remained largely steady, tracking a global correction and a stronger US dollar.
Today, gold is priced at Rs 12,507 per gram for 24-karat, Rs 11,464 per gram for 22-karat, and Rs 9,380 per gram for 18-karat. Each category saw a minor decline of Rs 1 per gram compared to Thursday.
Local variations persist, with gold in Delhi slightly costlier than in Mumbai due to transport premiums, while silver rates remain higher in southern cities like Chennai and Hyderabad.
On the commodities front, MCX December Gold futures were down 0.44 percent at Rs 1,23,552 per 10 grams, and Silver December contracts fell 0.98 percent to Rs 1,47,052 per kg. Despite the dip, gold has gained over 50 percent this year, supported by global trade tensions and anticipation around the upcoming US-China meeting between President Donald Trump and President Xi Jinping.
Globally, spot gold fell 0.2 percent to $4,118.68 per ounce, marking its first weekly loss in ten weeks. The metal is down 3 percent this week, its sharpest drop since mid-May, as a stronger US dollar made gold costlier for foreign investors.
Market attention is now on the US Consumer Price Index (CPI) data, expected to report core inflation steady at 3.1 percent for September. The release had been delayed due to a temporary government shutdown, and investors are cautious ahead of the figures.