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Below the "Quote on Gold" by Mr. Veer Mishra, Co-Founder of Plus

Gold and silver prices in India today, October 3, 2023:

• Gold: ?5,320 per gram for 22k, ?5,804 per gram for 24k
• Silver: ?73.50 per gram, ?73,500 per kilogram

Market quote:

Gold and silver prices in India remained flat on Tuesday, October 3, 2023, tracking global trends. Gold was trading at ?5,320 per gram for 22k and ?5,804 per gram for 24k, while silver was trading at ?73.50 per gram and ?73,500 per kilogram.

Domestic factors affecting gold and silver prices in India:

• Demand and supply: India is the world's second-largest consumer of gold and silver. Demand for precious metals in India is typically driven by festivals, weddings, and investment purposes.
• Rupee-dollar movement: The Indian rupee has been depreciating against the US dollar in recent months. This has made gold and silver imports more expensive, which has put upward pressure on domestic prices.
• Inflation: Inflation in India has been rising in recent months. This has led to increased demand for gold and silver as a hedge against inflation.

Historic price comparison:

Gold and silver prices have been volatile in recent years. In 2020, gold prices in India reached a record high of ?56,379 per gram for 24k. Silver prices also reached a record high of ?73,733 per kilogram in 2020.

However, gold and silver prices have corrected significantly since then. In October 2022, gold prices were trading at ?50,000 per gram for 24k, while silver prices were trading at ?65,000 per kilogram.

Outlook:

Analysts expect gold and silver prices in India to remain volatile in the near term. The key factors that will drive gold and silver prices in India include global trends, the rupee-dollar movement, and domestic demand and supply.

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