Gold prices dropped on September 15 after recording sharp gains. Gold's October contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 1,09,255 per 10 grams today.
Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on September 15:
City | Price of 24k gold | Price of 22k gold |
Delhi | Rs 1,11,210/10g | Rs 1,01,950/10g |
Mumbai | Rs 1,11,060/10g | Rs 1,01,800/10g |
Chennai | Rs 1,11,380/10g | Rs 1,02,100/10g |
Kolkata | Rs 1,11,060/10g | Rs 1,01,800/10g |
Bengaluru | Rs 1,11,060/10g | Rs 1,01,800/10g |
Jaipur | Rs 1,11,210/10g | Rs 1,01,950/10g |
Lucknow | Rs 1,11,210/10g | Rs 1,01,950/10g |
Hyderabad | Rs 1,11,060/10g | Rs 1,01,800/10g |
Ahmedabad | Rs 1,11,110/10g | Rs 1,01,850/10g |
Is it the right time to buy gold?
"Whether or not it is the right time to buy gold, we need to consider what our aims are. If the goal is wealth preservation and stability, gold remains a strong safe-haven asset, supported by central bank demand, low real interest rates, and geopolitical risks. However, at such a high GSR, the potential for outsized gains in gold may be limited in the near term," said Ross Maxwell, Global Strategy Lead at VT Markets.
Is silver more attractive at current levels?
Maxwell noted that silver appears more attractive from a relative value perspective, especially if the ratio trends back toward its historical norms. Silver can also benefit from industrial demand in solar panels, electronics, and electric vehicles, which adds a growth component alongside its role as a precious metal.
"A reasonable approach in the current situation could be to buy or hold some gold for stability but increase exposure and weight slightly to silver for potential upside. This way you balance the safety of gold with the opportunity for growth in silver and a return to the historical average gold-silver ratio," he said.
Also read: Our LIVE blog on stock market updates
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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