Gold and silver prices fluctuate amid festive season and rupee gains

Gold and silver prices have experienced significant volatility across Indian and Middle Eastern markets during the festive season. In India, gold rates have seen fluctuations, with 24-karat gold trading around ₹1,47,000 to ₹1,48,000 per 10 grams in major cities like Delhi, Mumbai, and Chennai. Silver prices have also seen shifts, reaching levels near ₹2,10,000 to ₹2,29,000 per kilogram.

In Dubai, gold prices have seen corrections, with 24-karat gold trading below the AED 500 per gram mark. This downward trend in some sectors has been noted as a potential opportunity for shoppers preparing for Diwali and Dhanteras.

In currency markets, the Indian rupee appreciated by 20 paise to 94.79 against the US dollar in early trade. This rise was supported by a softening US dollar and lower US treasury yields, though gains were tempered by elevated crude oil prices and declines in equity markets. The Reserve Bank of India’s structural forex interventions also played a role in supporting the domestic currency.