New Delhi: Rakshabandhan, a symbol of the unbreakable love between brother and sister, has brought a special gift this time. Today, on this auspicious festival of 28th August, if you are planning to give some very special and valuable gift to your sister, then the bullion market has brought a good news for you. In fact, today there has been a decline in the prices of both precious metals, gold and silver. Due to this softness, gifting a gold ring, pendant or beautiful silver jewelery has now become a little easier on your pocket. This attitude of the market has further added to the happiness of the festival. Along with gold, silver has also given relief to the common buyer. On this auspicious occasion of Rakshabandhan, the average price of silver in the Indian markets is hovering in the range of Rs 2,60,000 to Rs 2,65,000 per kg.
Fall in gold and silver prices
Today the average price of 24 carat pure gold has come to Rs 1,62,970 per 10 grams, which works out to Rs 16,297 per gram. The average price of 22 carat gold is Rs 1,49,390 per 10 grams i.e. Rs 14,939 per gram.
In Delhi, Mumbai, Bengaluru and Chennai, the price of 24 carat gold stands at Rs 1,63,130 and the price of 22 carat gold stands at Rs 1,49,540 per 10 grams. In Ahmedabad the price per 10 gram is Rs 1,63,030 for 24 carat and Rs 1,49,445 for 22 carat. In Noida, 22 carat gold remains at the level of Rs 1,49,550.
Futures Markets and Global Trends
The direct effect of slowdown in spot demand is also visible on the futures market. There was dull trading in gold contracts for October delivery on the Multi Commodity Exchange (MCX) on Thursday. In the initial session, the futures price of gold had slipped by Rs 2,971 to a low of Rs 1,56,692 from the previous closing price of Rs 1,59,663. However, later it closed almost flat at Rs 1,59,650 per 10 grams with a very slight fall of Rs 13, with a total turnover of 9,291 lots. Market experts believe that weakness in the domestic spot market has put pressure on futures prices. In contrast, globally, gold trend was slightly bullish in New York, where it was trading at $ 4,601.64 an ounce with a gain of 0.23 percent.
Silver prices also gave relief to the common buyer
Along with gold, silver has also given relief to the common buyer. On this auspicious occasion of Rakshabandhan, the average price of silver in the Indian markets is hovering in the range of Rs 2,60,000 to Rs 2,65,000 per kg. According to the latest report of GoodReturns, today the price of one gram of silver has declined marginally by 10 paise as compared to yesterday. Silver, which was Rs 260 per gram yesterday, has come down to Rs 259.90 today. Accordingly, to buy 10 grams of silver in the market today, you will have to pay Rs 2,599, Rs 25,990 for 100 grams and Rs 2,59,900 for one kilogram. This decline may be small, but it is a very positive news for those buying silver jewelery or coins during the festive season.