Gold Price Today 12th October 2020: While the Modi government is selling cheaper gold than today, gold prices have started increasing in the bullion market. Today i.e. on October 12, 24-carat gold opened at Rs 51225 at Rs 347 per 10 gram in the bullion markets across the country, but closed slightly at Rs 51156. Thus, 24-carat gold closed higher by Rs 278 today compared to Friday. Talking about silver, it opened with a big rise of Rs 25221 per kg in the morning. The spot price of silver reached 63628 Rs 5 per kg. It finally closed at Rs 62606 with a gain of Rs 1500 per kg.
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Delhi bullion market also picks up
According to HDFC Securities, gold prices in the Delhi bullion market rose by Rs 240 to Rs 52,073 per 10 grams. It had closed at Rs 51,833 per 10 grams in previous trade. Silver has also gone up by Rs 786 to Rs 64,914 per kg. 24-carat gold prices in Delhi rose by Rs 240, said Tapan Patel, Senior Analyst (Commodities), HDFC Securities. The rupee weakened against the US dollar on Monday, it saw a rise. The rupee fell 12 paise to end at 73.28 after three sessions. In the international market, gold was trading at $ 1,925 an ounce, while silver was at $ 25.26 an ounce.
According to the India Bullion and Jewelers Association website (ibjarates.com), on 12 October 2020, the gold and silver spot prices across the country were as follows…
| Metal | Final rate of 12 October (Rs / 10g) | October 12 morning rate (Rs / 10g) |
| Gold 999 (24 carat) | 51156 | 51225 |
| Gold 995 (23 carat) | 50951 | 51020 |
| Gold 916 (22 carat) | 46859 | 46922 |
| Gold 750 (18 carat) | 38367 | 38419 |
| Gold 585 (14 carat) | 29926 | 29967 |
| Silver 999 | 62606 Rs/Kg | 63628 Rs/Kg |
Gold futures up on spot demand
Gold prices also remained firm in the futures market due to increased demand in the spot market. Gold futures rose by Rs 183 to Rs 51,000 per 10 grams due to increased speculators. On the Multi Commodity Exchange, gold futures for December rose by Rs 183, or 0.36 per cent, to Rs 51,000 per 10 grams. The contract traded for 15,183 lots. Analysts said that the futures market remained strong due to new deals by traders. Gold in New York rose 0.21 percent to $ 1,930.20 an ounce.
Silver futures rise
Silver futures rose by Rs 561 to Rs 63,445 per kg due to increased demand in the spot market as well as deals in the local futures market. At the Multi Commodity Exchange, silver for the December contract rose by Rs 561, or 0.89 per cent, to Rs 63,445 per kg. It traded for 16,497 lots. Analysts said that silver has gained momentum due to increase in deals by partners. Silver rose 0.90 percent to $ 25.34 an ounce in the New York market.
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Morning rate
| Metal | Rate of 12 October (Rs / 10g) | Rate of 9 October (Rs / 10g) |
Rate change (Rs / 10g) |
| Gold 999 (24 carat) | 51225 | 50878 | 347 |
| Gold 995 (23 carat) | 51020 | 50674 | 346 |
| Gold 916 (22 carat) | 46922 | 46604 | 318 |
| Gold 750 (18 carat) | 38419 | 38159 | 260 |
| Gold 585 (14 carat) | 29967 | 29764 | 203 |
| Silver 999 | 63628 Rs/Kg | 61106 Rs/Kg | 2522 Rs/Kg |
IBJA rates are recognized nationwide
Explain that the rate issued by IBJA is universally accepted. However, GST has not been included in the rate given on this website. When buying and selling gold, you can refer to the rate of IBJA. According to the India Bullion and Jewelers Association, ibja collects gold and silver current rates from 14 centers across the country and gives an average price. The current rate of gold and silver or the spot price may be different at different places, but there is a slight difference in their prices.
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