Gold and Silver Prices Today, December 12, 2023: Gold prices in India on Tuesday fell amid lacklustre demand in the spot market. In the national capital Delhi, 22-carat gold prices declined Rs 150 to Rs 56,900 per 10 grams, while 24-carat gold was lower by Rs 220 to Rs 62,060 per 10 grams. Silver was also down by Rs 100 to Rs 75,700 per kg.
In Mumbai, the yellow metal of 22-carat stood at Rs 56,750 per 10 grams and that of 24-carat was at Rs 61,910 per 10 grams. In Kolkata, 22-carat and 24-carat gold prices stood at Rs 56,750 and Rs 61,910 per 10 grams. In Chennai, the precious metal’s prices were at Rs 57,200 and Rs 62,400 per 10 grams.
In Hyderabad, gold prices were at Rs 56,750 per 10 grams and Rs 61,910 per 10 grams for 22-carats and 24-carats, respectively. In Thiruvananthapuram, 22-carat gold was at Rs 56,750 and 24-carat gold at Rs 61,910 per 10 grams. In Bhopal, gold was at Rs 56,800 and Rs 61,960 per 10 grams for 22-carats and 24-carats, respectively.
In Jaipur, gold prices were at Rs 56,900 per 10 grams for 22-carats and Rs 62,060 per 10 grams.
However, on the other hand, in the futures market, gold was trading 0.31 per cent higher at Rs 61,309 per 10 grams on the MCX, while silver was up by 0.45 per cent at Rs 72,184 per kg.
In the international market, gold and silver prices were at elevated levels. Gold rose 0.16 per cent to $1,985.6 an ounce, while silver inched up 0.35 per cent to $22.99 an ounce.
Here are several factors that can exert influence on the price of gold:
Supply and Demand: The price of gold mainly depends on how much people want it and how much is available. If more people want gold, the price usually goes up. But if there’s too much gold available, the price can go down.
Global Economic Conditions: The overall global economy also has a big impact on gold prices. When the world economy is not doing well or there’s a recession, investors often choose gold as a safe option, causing its price to go up.
Political Instability: Political troubles can also affect gold prices. When there’s uncertainty or a crisis in an important country or region, investors might choose to protect their money by investing in gold. This increased demand can make the price of gold go up.
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