Gold Rate Today and Silver Price Today: Significant Drops and Regulatory Concerns
Gold Rate Today: A Sudden Decline
Gold rate today in India (22 carat) fell to Rs 70,790 per 10 gm, with 24 carat quoted at Rs 77,230 per 10 gm. The rates had recently peaked at Rs 78,300 per 10 gm last week in New Delhi.
Silver Price Today Also Takes a Hit
Similarly, the silver price today is down by Rs 100 per kg, now standing at Rs 94,900 per kg.
MCX Gold and Silver Rate Insights
In futures trade, gold contracts for October delivery were trading at Rs 74,924 per 10 gm, reflecting a 0.07% increase. Meanwhile, silver contracts for December delivery stood at Rs 91,074 per 1 kg.
City-Wise Gold and Silver Prices
- Delhi: Gold Price: Rs 7,065; Silver Price: Rs 95,000
- Mumbai: Gold Price: Rs 7,050; Silver Price: Rs 95,000
- Bengaluru: Gold Price: Rs 7,050; Silver Price: Rs 90,000
- Chennai: Gold Price: Rs 7,050; Silver Price: Rs 1,00,100
- Pune: Gold Price: Rs 7,050; Silver Price: Rs 95,000
- Ahmadabad: Gold Price: Rs 7,055; Silver Price: Rs 95,000
- Kolkata: Gold Price: Rs 7,050; Silver Price: Rs 95,000
- Hyderabad: Gold Price: Rs 7,050; Silver Price: Rs 1,00,100
RBI's Regulatory Warning on Gold Loans
The Reserve Bank of India has issued a stern warning to banks and NBFCs regarding irregularities in gold loans. Key issues include:
- Improper use of third parties for loan sourcing and appraisal
- Valuation of gold without customer presence
- Lack of monitoring for previously sanctioned loans
- Shortcomings in auctioning pledged gold in default situations
- Inadequate monitoring of Loan to Value ratios
- Incorrect application of risk-weights
These issues could influence market confidence and contribute to fluctuations in gold rates.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.