Gold and Silver Price Today, September 9th 2023 in different cities in India
Gold and silver prices witnessed a slight increase on Thursday, September 9th 2023, after falling for two consecutive days. The precious metals were supported by a weaker dollar and lower US bond yields, as well as some safe-haven demand amid global uncertainties. However, the gains were capped by a strong recovery in the US stock market and expectations of a tapering of the Federal Reserve’s stimulus measures.
Gold Price
According to the web search results, the price of 10 grams of 22-carat gold in different cities in India on September 9th 2023 was as follows:
| City | Gold Price (Rs/10 gram) |
|---|---|
| Delhi | 55,150 |
| Mumbai | 55,000 |
| Kolkata | 54,900 |
| Chennai | 55,300 |
The gold prices vary across different cities in India due to various factors such as local taxes, transportation costs, and market demand and supply. The prices also depend on the international spot rates of gold, which are influenced by global events such as economic data, geopolitical tensions, central bank policies, and currency movements.
Silver Price
According to the web search results, the price of one kilogram of silver in different cities in India on September 9th 2023 was as follows:
| City | Silver Price (Rs/kg) |
|---|---|
| Delhi | 74,000 |
| Mumbai | 74,700 |
| Kolkata | 74,700 |
| Chennai | 77,500 |
The silver prices are determined by the international spot rates of silver, which are affected by similar factors as gold. Silver is also used as an industrial metal in various sectors such as electronics, solar panels, medical devices, and jewellery. Therefore, the demand and supply of silver also impact its price.
Gold and silver prices depends on several factors such as the global economic recovery from the Covid-19 pandemic, the inflationary pressures in various countries, the monetary policy stance of major central banks such as the US Federal Reserve and the European Central Bank, and the geopolitical developments in regions such as Afghanistan and China. The investors also need to watch out for any cues from the upcoming US consumer price index (CPI) data for August and the European Central Bank (ECB) meeting on Thursday.
Gold and silver are considered as safe-haven assets that provide a hedge against inflation and currency devaluation. They also act as a store of value and a diversifier in a portfolio. However, they also face competition from other assets such as equities and cryptocurrencies. Therefore, the investors need to be cautious and vigilant while investing in gold and silver.
