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Gold and Silver Rates Dip Across India on 7 October
Gold and silver prices went down a little in India on 7 October.
The article lists prices for gold with two levels of purity and for very fine silver.
Gold also slipped in international markets.
Prices were not exactly the same in every Indian city.
Chennai had the highest listed price for 24-karat gold.
The article says uncertainty about oil shipments is part of the market backdrop.
It reports that Iran has stepped up attacks on tankers near the Strait of Hormuz.
Those attacks could put the recovery of oil exports at risk.
The report does not say how prices will move next.
Retail gold prices for both 24-karat and 22-karat declined marginally across major Indian cities on 7 October.
In international trading, spot gold fell 0.3% to $4,150.23 per ounce, while US gold futures slipped 0.2% to $4,177.60.
MCX gold was down 0.33% at ₹1,49,780 per 10 grams; MCX silver futures fell about 0.52% to ₹2,26,410 per kilogram.
Among the listed cities, Chennai had the highest quoted 24-karat gold rate at ₹149,960 per 10 grams.
The article linked market uncertainty to tanker attacks near the Strait of Hormuz that threaten the recovery of Persian Gulf oil exports.
- Who
- Indian retail buyers and bullion markets; the article also reports tanker attacks attributed to Iran.
- What
- Gold and silver prices declined, with retail rates listed for several Indian cities.
- Where
- Indian retail markets and international markets; tanker attacks were reported around the Strait of Hormuz.
- When
- Wednesday, 7 October; no year is specified.
- Why
- The article cites geopolitical uncertainty and threats to Persian Gulf oil exports amid tanker attacks near the Strait of Hormuz.
Key facts
- Date
- Wednesday, 7 October; the year is not stated.
- MCX gold
- ₹1,49,780 per 10 grams, down 0.33%.
- MCX silver futures
- ₹2,26,410 per kilogram, down about 0.52% at around 9:13 am.
- International spot gold
- $4,150.23 per ounce, down 0.3% at 0145 GMT.
- US gold futures
- $4,177.60, down 0.2%.
- Highest listed 24-karat city rate
- Chennai: ₹149,960 per 10 grams.
- Tanker attacks
- Nearly 20 commercial vessels were reportedly targeted over the past month around the Strait of Hormuz.
Sources
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