Gold, silver prices today, 16 October: Check retail rates of 24K, 22K gold, 999 silver in Delhi, Mumbai and Kolkata

Gold and silver prices: Gold prices in India's retail market rose marginally on Friday, 16 October, amid heightened tensions between the US and Iran. Silver prices also edged higher in the domestic bullion market.

The US military has drawn up options for renewed strikes on Iran that include the potential use of one of the biggest non-nuclear bombs in its arsenal, CNN reported Thursday, as Tehran vowed to continue fighting for its demands. This development has raised tensions higher between the two nations, with more updates on the same awaited.

Due to these developments, both 24-karat and 22-karat gold rates are showing a marginal rise across major cities in India. Silver prices also rose in the domestic bullion market.

MCX gold rate on 16 October was trading 0.11% higher at ₹ 1,47,970 per 10 grams. MCX silver futures were trading about 0.51% higher at ₹ 2,12,370 per kg at around 9:13 AM.

In the retail market, gold is sold in 24-karat and 22-karat purity. While 24-karat gold is considered the purest form, 22-karat gold is commonly used for jewellery because it is more durable.

Here's a look at the latest gold prices across major Indian cities on 16 October.

Shivam writes on personal finance, equity markets, and mutual funds. He has previously contributed to several leading publications, including Moneycontrol. He can be reached at [email protected]

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