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.