Gold, Silver Prices Drop on December 03: Latest Rates in Major Cities

Gold and silver prices in India saw a decline on December 03, even as they remain 1.6% higher than the previous week. Internationally, spot gold prices fell by 1% to $2,630.99 per ounce, driven by a strengthening Dollar Index. Experts suggest the dip in domestic prices may boost demand as India enters the wedding season, one of the country’s peak gold-buying periods.

Colin Shah, MD of Kama Jewelry, commented, “The correction is timely as it aligns with the wedding season, a major gold-buying occasion in India. Sentimental value attached to gold ensures robust demand despite minor price fluctuations.”

Also Read: Gold and Silver Rates Decrease on December 2, 2024: Check the Latest Prices Across Major Cities

Gold and Silver Rates Today, December 03

National Rates

• 24-carat Gold: ₹76,540 per 10 grams
• 22-carat Gold: ₹70,162 per 10 grams
• Silver: ₹90,490 per kilogram

City-Wise Gold and Silver Prices

Delhi:

• 24K Gold: ₹76,410/10 grams
• Silver: ₹90,330/Kg

Kolkata:

• 24K Gold: ₹76,440/10 grams
• Silver: ₹90,370/Kg

Chennai:

• 24K Gold: ₹76,760/10 grams
• Silver: ₹90,750/Kg

Weekly Trends

• Gold prices have risen by 1.6% over the past week but are down 1.7% compared to the last 10 days.
• Silver prices remain elevated compared to last week but reflect a slight drop from yesterday.

MCX Futures

On the Multi Commodity Exchange (MCX), gold futures contracts expiring in February 2025 were quoted at ₹76,781 per 10 grams, a rise of ₹94. Silver futures expiring in December 2024 traded at ₹89,229 per kilogram, up by ₹534.

The current price trends are expected to maintain steady demand for gold and silver during the ongoing wedding season.