Gold Price Today: Yellow Metal Drops ₹600, Silver Cheaper by ₹3,000

Gold prices slipped for the second straight day, offering some relief to buyers ahead of the festive season.

In Hyderabad, the price of 24-carat gold stood at ₹1,18,040 per 10 grams on Friday, (October 3) — down ₹650 from Thursday’s closing of ₹1,18,690. Similarly, 10 grams of 22-carat gold was priced at ₹1,08,200, about ₹600 lower than the previous day’s ₹1,08,800.

Silver, which has witnessed sharp fluctuations in recent weeks, also saw a decline. After jumping by ₹3,000 on October 1, silver prices corrected again, slipping by ₹3,000 to ₹1,61,000 per kg on October 3, compared to ₹1,64,000 on October 2.

The recent surge in gold and silver prices has been largely driven by global factors. Rising geopolitical tensions, concerns over inflation, and the US Federal Reserve’s cautious stance on interest rates have pushed investors towards safe-haven assets like gold and silver.

A weakening rupee against the US dollar has also added to the upward momentum in domestic bullion prices.

Silver, apart from being a safe-haven asset, has gained support from industrial demand, especially in the renewable energy and electronics sectors, which has amplified its volatility.

Despite the latest correction, it is expected that demand for gold and silver will remain firm in India with the onset of the festive season and the upcoming wedding period. Consumers traditionally view price dips as an opportunity to buy, and jewellers are preparing for strong demand in the weeks leading to Dhanteras and Diwali.