Gold Prices Lower, Silver Flat Today, October 16: Check Latest Bullion Rates – News18

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Check gold and silver prices on October 16, 2023. (Representative Image: News18)

Gold and silver prices today, October 16: In Delhi, the price of 24-carat gold stood at Rs 60,600 per 10 grams, while that of 22-carats was at Rs 55,410 per 10 grams

Gold prices in India on Monday were lower in the spot market during the early trade as compared with the previous close. In Delhi, the price of 24-carat gold stood at Rs 60,600 per 10 grams, while that of 22-carats was at Rs 55,410 per 10 grams. Silver prices in India were, however, flat at Rs 74,100 per kg.

In Mumbai, gold of 22-carats was selling at Rs 55,100 per 10 grams and that of 24-carats at Rs 60,110 per 10 grams. In Kolkata, the gold prices were at Rs 55,100 and Rs 60,110 per 10 grams for 22 and 24 carats. In Chennai, prices of 22-carat and 24-carat gold were at Rs 55,560 and Rs 60,610 per 10 grams.

Among other cities, in Bengaluru, 22-carat gold was at Rs 55,100 per 10 grams and 24-carat gold was at Rs 60,110 per 10 grams. In Hyderabad, gold prices were at Rs 55,100 and Rs 60,110 per 10 grams for 22-carats and 24-carats.

Gold prices in India are generally influenced by a variety of factors, including global economic conditions, inflation rates, currency fluctuations, and local demand and supply dynamics.

Here are several factors that can exert influence on the price of gold:

Supply and Demand: The gold price is primarily determined by the dynamic interplay of supply and demand in the market. An increase in demand typically leads to a rise in price, while a surplus in the supply of gold can drive prices down.

Global Economic Conditions: The broader global economic landscape also exerts a substantial impact on gold prices. During periods of global economic instability or recession, investors often turn to gold as a safe haven, causing its price to increase.

Political Instability: Furthermore, political instability can have a notable effect on gold prices. When there is political turmoil or crisis in a significant nation or region, investors may opt to secure their assets by investing in gold as a hedge against uncertainty. This heightened demand can result in an uptick in the price of gold.

Gold holds great significance in India due to its cultural importance, investment value, and traditional role in weddings and festivals.