Gold and silver rates today, October 31
Gold and silver prices are at an all-time high as India immerses in the auspicious festival of lights, fireworks, and sweets. The price of 24-carat gold is about to touch the Rs 80,000 per 10-gram mark, on the back of increased festive demand. Purchasing gold around the festivities is common, serving both as an investment and as gifts for loved ones.
As the Iran-Israel conflict escalated, its impact could be seen on precious metals like gold and silver. The prices of gold and silver experienced significant fluctuations. Regarded as a safe-haven investment, gold remains a popular choice for investors seeking assurance and stability in uncertain times.
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The 24-carat gold rate in India was quoted for a price of Rs 79,820 per 10 grams on October 31. The rate for 24-carat gold per gram is Rs 7,982. The rate of 22-carat gold was Rs 73,168 per 10 grams.
“Geopolitical concerns and political uncertainty in the U.S. continued to support prices, but a smaller rate cut expectations limited upside. The U.S. is scheduled to release consumer confidence and JOLTS job openings that will impact the markets. Internationally, the range for COMEX December gold is $2,735 to $2,765 while that for COMEX December silver is $33.400 to $34.200. Domestic gold and silver could track overseas prices and start marginally higher. The range for MCX December gold is 78,200 to 78,700, while that for MCX December silver is 96,350 to 98,200,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.
The price of 24-carat gold rose by 1.83% in the last week, and the yellow metal has fallen by 2.2% in the last ten days. The silver is available to customers today at a price of Rs 97,850 per kilogram.
Gold rate in Mumbai on October 31
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