Gold and Silver Price Today, September 5, 2023
Gold and silver prices in India showed mixed trends on Tuesday, September 5th 2023, as global cues and domestic demand influenced the rates of the precious metals. According to the GoodReturns website, the price of 24-carat gold saw a jump of Rs 100 during Tuesday’s early trade, with ten grams of the precious metal selling at Rs 60,320. Silver, on the other hand, fell by Rs 700 with one kg of the precious metal selling at Rs 76,200.
The prices of gold and silver vary across different cities in India due to various factors such as local taxes, transportation costs, and market conditions. The table below shows the latest rates of gold and silver in some of the major cities in India as of September 5th 2023.
|City||Gold 24K (10 gram)||Gold 22K (10 gram)||Silver (1 kg)|
|Chennai||Rs 60,320||Rs 55,270||Rs 80,200|
|Mumbai||Rs 60,320||Rs 59,450||Rs 77,100|
|Delhi||Rs 60,320||Rs 59,450||Rs 77,100|
|Kolkata||Rs 60,320||Rs 59,450||Rs 77,100|
|Bangalore||Rs 60,320||Rs 58,260||Rs 75,750|
|Hyderabad||Rs 60,320||Rs 55,270||Rs 80,200|
|Kerala||Rs 60,320||Rs 55,270||Rs 80,200|
|Pune||Rs 60,320||Rs 59,450||Rs 77,100|
The prices of gold and silver are also influenced by the international market trends and the exchange rate of the rupee against the dollar. On Monday, September 4th 2023, gold prices rose by nearly one percent in the global market as a weaker-than-expected U.S. jobs report sparked concerns of a slowdown in the economic recovery and increased the prospects of a prolonged stimulus from the Federal Reserve. Silver prices also gained more than two percent on Monday as the industrial demand for the metal supported its rally.
The U.S. Comex gold futures were trading at $1,965.60 per ounce and the silver futures were trading at $24.78 per ounce as of Tuesday morning (India time). The rupee was trading at 74.32 against the dollar on Tuesday, marginally lower than its previous close of 74.28.
Analysts advise traders to book long positions and take fresh short positions in gold and silver near resistance levels. They also suggest investors to diversify their portfolio with some exposure to gold and silver as a hedge against inflation and currency fluctuations.