Gold prices low, silver flat today, October 16: Check latest bullion rates
Gold and silver prices today on October 16: In Delhi, the price of 24 carat gold was Rs 60,600 per 10 grams, while the price of 22 carat was Rs 55,410 per 10 grams.
During early trading in India on Monday, gold prices in the spot market were lower than the previous close. In Delhi, the price of 24 carat gold was Rs 60,600 per 10 grams, while the price of 22 carat gold was Rs 55,410 per 10 grams. However, silver prices in India remained steady at Rs 74,100 per kg.
In Mumbai, 22 carat gold is being sold at Rs 55,100 per 10 grams and 24 carat gold is being sold at Rs 60,110 per 10 grams. In Kolkata, gold prices for 22 and 24 carat stood at Rs 55,100 and Rs 60,110 per 10 grams. In Chennai, 22 carat and 24 carat gold prices were Rs 55,560 and Rs 60,610 per 10 grams.
Among other cities, 22 carat gold was at Rs 55,100 per 10 gram and 24 carat gold was at Rs 60,110 per 10 gram in Bengaluru. In Hyderabad, gold prices for 22 carat and 24 carat stood at Rs 55,100 and Rs 60,110 per 10 gram.
Gold prices in India are generally influenced by many factors, including global economic conditions, inflation rates, currency fluctuations and local demand and supply dynamics.
Here are several factors that can impact the price of gold:
Supply and Demand: The price of gold is primarily determined by the dynamic interplay of supply and demand in the market. An increase in demand generally drives the price up, while a surplus in the supply of gold can push prices down.
Global Economic Conditions: The broader global economic scenario also has 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 rise.
