By– Anurag Tiwari
Monday, December 2, 2024, saw a minor decline in gold prices. 24-carat gold is currently trading at Rs. 7816.3 per gramme, down Rs. 10. The price of 22-carat gold, which was trading at Rs. 7166.3 per gramme, too fell by Rs. 10. 24-carat gold experienced a slight increase of 0.54% over the previous week, but it has dropped by 2.91% over the last month.
Gold and Silver Prices: Minor Decline on December 2, 2024
Meanwhile, silver prices saw a decrease of Rs.100, bringing the current rate to Rs.94,500 per kilogram.
Gold and Silver Prices in Major Cities
Delhi:
Gold is priced at 78,163 for 10 grams, down from 78,293 on December 1, 2024, and 78,713 on November 26, 2024.
Silver is priced at 94,500 per kilogram, a decrease from 94,700 on December 1, 2024.
Chennai:
Gold stands at 78,011 for 10 grams, down from 78,141 on December 1, 2024, and 78,561 on November 26, 2024.
Silver is priced at 1,02,600 per kilogram, lower than 1,02,800 on December 1, 2024, and 1,03,100 on November 26, 2024.
Mumbai:
Gold is priced at 78,017 for 10 grams, a decrease from 78,147 on December 1, 2024, and 78,567 on November 26, 2024. Silver is priced at 93,800 per kilogram, down from 94,000 on December 1, 2024.
Kolkata:
The price of 10 grams of gold is now 78,015; it was 78,145 on December 1, 2024, and 78,565 on November 26, 2024. The price of one kilogram of silver is 95,300, which is a little drop from 95,500 on December 1, 2024.
MCX Futures Prices
According to the most recent trading data, the price of the February 2025 MCX futures for gold is 76,351 per 10 grams, which represents a 1.007% decline. Silver MCX futures for March 2025 are down 1.178 percent at 90,135 per kilogram.
Factors Impacting Gold and Silver Prices
There are several elements that affect the price variations of gold and silver. Prices are affected by a number of factors, including interest rates, government restrictions on gold trade, global demand, and changes in currency values. Furthermore, the strength of the US dollar relative to other currencies and the state of the world economy both have a big influence on gold prices in India. Reputable jewelers’ insights also point to these factors as major forces behind market developments.
FAQ
1. Why did gold prices decline on December 2, 2024?
Gold prices experienced a minor decline on December 2, 2024, with the price of 24-carat gold falling by Rs.10, now priced at Rs.7816.3 per gram. The price of 22-carat gold also decreased by Rs.10, standing at Rs.7166.3 per gram. This drop reflects short-term fluctuations in the market.
2. How have gold prices changed over the past week and month?
Over the past week, 24-carat gold saw a slight increase of 0.54%. However, in the last month, gold prices have dropped by 2.91%, showing a downward trend in the medium-term.
3. What is the current price of silver?
As of December 2, 2024, the price of silver is Rs.94,500 per kilogram, reflecting a decrease of Rs.100 compared to the previous day, December 1, 2024.
4. How are gold prices differing across major cities?
- Delhi: Gold is priced at Rs.78,163 for 10 grams, down from Rs.78,293 on December 1, 2024.
- Chennai: Gold is priced at Rs.78,011 for 10 grams, lower than Rs.78,141 on December 1, 2024.
- Mumbai: Gold stands at Rs.78,017 for 10 grams, a decrease from Rs.78,147 on December 1, 2024.
- Kolkata: Gold is priced at Rs.78,015 for 10 grams, down from Rs.78,145 on December 1, 2024.
Silver prices also vary across cities, with prices in Delhi at Rs.94,500, Chennai at Rs.1,02,600, Mumbai at Rs.93,800, and Kolkata at Rs.95,300 per kilogram.
5. What are the current MCX futures prices for gold and silver?
- The February 2025 MCX futures for gold are priced at Rs.76,351 per 10 grams, reflecting a decline of 1.007%.
- The March 2025 MCX futures for silver are priced at Rs.90,135 per kilogram, down by 1.178%.
6. What factors affect gold and silver prices?
Gold and silver prices are influenced by multiple factors:
- Interest rates: Changes in interest rates can impact investor behavior, affecting gold and silver prices.
- Government regulations: Restrictions or policies related to gold trading can influence prices.
- Global demand: Fluctuations in global demand for gold and silver play a significant role in price changes.
- Currency values: The value of the US dollar compared to other currencies can directly affect gold prices in India.
- Global economic conditions: The overall state of the global economy also plays a critical role in shaping gold and silver markets.
7. How can fluctuations in the US dollar affect gold prices in India?
The value of gold in India is greatly influenced by the strength of the US dollar in relation to other currencies. In local currencies, gold is typically more expensive when the dollar is stronger, but gold prices may fall when the dollar is weaker.
8. What do jewelers say about current gold and silver price trends?
Reputable jewelers contend that a number of variables, including interest rates, currency value fluctuations, and worldwide demand, have a substantial impact on gold and silver prices. Investor sentiment and the state of the economy both influence these market movements.
