Gold and Silver Prices on Rakshabandhan: No Change, But Exciting Trends Ahead!

Delhi’s Gold and Silver Prices:

On the festive occasion of Rakshabandhan, which fell on August 31, the gold prices in India stood steady in most cities across the country. In the capital city of Delhi, the price of 22-carat gold remained at Rs 55,150 per 10 grams, while the 24-carat gold was priced at Rs 60,150 per 10 grams. The price of silver also showed no change, staying at Rs 77,600 per kilogram.

Mumbai’s Gold and Silver Prices:Gold and Silver Prices on Rakshabandhan: No Change, But Exciting Trends Ahead!

In the bustling city of Mumbai, the prices for both 22-carat and 24-carat gold remained consistent, with both priced at Rs 55,150 per 10 grams and Rs 60,150 per 10 grams, respectively.

Chennai, Kolkata, Agra’s Gold and Silver Prices:

Similar trends were observed in other cities as well. In Chennai, the prices were Rs 55,300 and Rs 60,330 per 10 grams for 22-carat and 24-carat gold, respectively. In Kolkata and Agra, the prices were Rs 55,150 and Rs 60,150 per 10 grams for both types of gold.

Patna and Thiruvananthapuram’s Gold and Silver Prices:

In Patna, the gold prices were Rs 55,050 for 22-carat and Rs 60,050 for 24-carat. Meanwhile, in the serene city of Thiruvananthapuram, the gold prices were consistent with other cities at Rs 55,150 per 10 grams and Rs 60,150 per 10 grams.

Futures Trading and International Market:

Looking at the futures trading, the gold prices stood at Rs 59,466 per 10 grams, and the silver price was at Rs 76,050 per 10 grams on the MCX. In the international market, gold showed a rise, reaching $1,946.2 per ounce, and silver stood at $24.66 per ounce.

Expert Insights on Gold and Silver Prices:

According to Rahul Kalantri, vice-president (commodities) of Mehta Equities Ltd, gold reached a three-week high due to disappointing US economic data. This rise in gold prices was mirrored by silver, which hit a four-week peak in early trading. Factors like the weakening dollar and slipping US 10-year bond yields, going below 3.15 per cent, contributed to the increased allure of precious metals.

Kalantri added that gold is expected to see support around $1934-1922 and resistance near $1958-1970. In terms of Indian rupees, gold’s support levels are at Rs 59,200 and Rs 58,950, with resistance at Rs 59,650 and Rs 59,810. A similar pattern holds for silver, with support at $24.45-24.28 and Rs 73,910-73,250, along with resistance around $24.82-25.00 and Rs 75,440–76,040.

Summing Up:

To sum it up, gold and silver prices held steady on Rakshabandhan, with exciting trends brewing on the horizon. The festival brought stable prices, while international factors like the weakening dollar contributed to the upward movement in precious metal values. Experts anticipate an interesting and potentially volatile session ahead, with support and resistance levels indicating the possible price ranges for gold and silver.

 

📚 Frequently Asked Questions (FAQs) – Gold and Silver Prices on Rakshabandhan

Q1: What were the gold prices in Delhi on Rakshabandhan?

A1: On Rakshabandhan, 22-carat gold in Delhi was priced at Rs 55,150 per 10 grams, while 24-carat gold was priced at Rs 60,150 per 10 grams.

Q2: Were there any changes in silver prices on Rakshabandhan?

A2: No, the silver price remained unchanged at Rs 77,600 per kilogram on Rakshabandhan.

Q3: How did gold prices fare in Mumbai on this festive day?

A3: In Mumbai, both 22-carat and 24-carat gold prices were steady at Rs 55,150 per 10 grams and Rs 60,150 per 10 grams, respectively.

Q4: What were the gold prices like in Chennai, Kolkata, and Agra?

A4: The gold prices were consistent in these cities, with 22-carat and 24-carat gold priced at Rs 55,300 and Rs 60,330 per 10 grams, respectively.

Q5: What were the gold prices in Patna and Thiruvananthapuram?

A5: Gold prices in Patna stood at Rs 55,050 for 22-carat and Rs 60,050 for 24-carat. In Thiruvananthapuram, they were at Rs 55,150 per 10 grams and Rs 60,150 per 10 grams.

Q6: How did gold and silver prices perform in futures trading and the international market?

A6: In futures trading, gold was at Rs 59,466 per 10 grams, and silver stood at Rs 76,050 per 10 grams on the MCX. Internationally, gold reached $1,946.2 per ounce, and silver was at $24.66 per ounce.

Q7: What factors contributed to the rise in gold and silver prices according to an expert?

A7: According to Rahul Kalantri of Mehta Equities Ltd, disappointing US economic data, a weakening dollar, and slipping US 10-year bond yields below 3.15 per cent led to increased interest in precious metals.

Q8: What price levels should be expected for gold and silver according to the expert?

A8: Gold’s support and resistance levels are around $1934-1922 and $1958-1970, respectively. In Indian rupees, support is at Rs 59,200-58,950, and resistance is at Rs 59,650-59,810. Silver follows a similar pattern.

Q9: What was the overall sentiment regarding gold and silver prices?

A9: Despite steady prices on Rakshabandhan, the precious metals market showed exciting trends due to international factors like the weakening dollar. Experts predicted an interesting and potentially volatile session ahead.

Q10: Where can I get more updates about the gold and silver market?

A10: Stay tuned to your Aaj Tak reporter for the latest news and updates on the festive gold and silver market.

One thought on “Gold and Silver Prices on Rakshabandhan: No Change, But Exciting Trends Ahead0!”

Leave a Reply

Your email address will not be published. Required fields are marked *