Gold Prices Surge After Initial Drop, Raising Concerns Among Buyers

Significant drop in gold prices following the budget announcement gave relief to buyers. However, recent days have seen a continuous rise in gold and silver prices, causing concern among customers.

After the budget, the price of gold dropped by a whopping 5,000 rupees, falling below 70,000 rupees. However, gold prices are now on the rise again. In the domestic bullion market, gold and silver futures continue to show an upward trend, with initial increases in the futures prices of both precious metals. Gold futures are trending around 70,350 rupees, while silver futures are near 83,600 rupees. 

Similarly, the international market has also shown a rise in gold and silver futures. On the Multi Commodity Exchange (MCX), October gold futures opened up by 285 rupees at 70,239 rupees and September silver futures saw a strong increase, opening up by 1,108 rupees at 83,702 rupees.

Since the 2024 budget presentation, gold and silver prices have been falling consistently. However, due to global and domestic developments, gold prices are now increasing on the MCX. In almost all cities across the country, the retail price of gold is approximately 70,000 rupees. In most cities, the price of 10 grams of gold has increased by 500 rupees, while the price of one kilogram of silver has risen to 87,200 rupees.

According to GoodReturns, the price of 22 and 24-carat gold per tola has increased by 300 rupees, while silver has become 100 rupees more expensive.

Today’s Gold Prices (24 Carat) per 10 grams:

| City.        | Today’s Gold Price | Yesterday’s Gold Price |

| Mumbai | 70,690 rupees         | 70,360 rupees

| Pune.      | 70,690 rupees         | 70,360 rupees 

| Nagpur.  | 70,690 rupees         | 70,360 rupees

| Kolhapur| 70,690 rupees.        | 70,360 rupees 

| Jalgaon  | 70,690 rupees         | 70,360 rupees

| Thane.    | 70,690 rupees         | 70,360 rupees 

Today’s Silver Prices per kilogram:

| City.         | Today’s Silver Price | Yesterday’s Silver Price 

| Mumbai  | 87,200 rupees.         | 87,100 rupees 

| Pune.       | 87,200 rupees          | 87,100 rupees 

| Nagpur    | 87,200 rupees.         | 87,100 rupees 

| Kolhapur | 87,200 rupees          | 87,100 rupees 

| Jalgaon   | 87,200 rupees          | 87,100 rupees 

| Thane      | 87,200 rupees.         | 87,100 rupees 

The continuous rise in gold and silver prices is causing concern among consumers, indicating a challenging market environment.