Mumbai, October 5: The gold price in the MCX exchange at 1 pm stood at Rs 38315 per 10 grams, a rise of Rs 315. While for silver, the rates fell by Rs 130 to Rs 45400 per kilogram on Saturday, October 5. On Friday, the gold price in the MCX exchange closed with a rise of Rs 210 per 10 grams. While for silver the rates fells by Rs 121 per kilogram. Gold Prices Today: Gold Rates Up by Rs 210 Ahead of Navratri 2019 Long Weekend, Silver Price Falls by Rs 121; Check Rates Here.

The rise of 0.55 percent in the rates of gold and decline of 0.27 percent in silver may not seem a major change. However, these changes create a heavy impact on the jewellery sector during the festive season. Economic Crisis Grips Handmade Jewellery Sector, Over 50,000 Bengali Karigars Forced to Return Home Due to Lack of Work.

Estimates suggest that the import of gold in September plunged lowest in three years and slumped 86 percent from last year. Creating a negative impact on the retail market, the prices of gold went up by 20 percent this year.

(The above story first appeared on LatestLY on Oct 05, 2019 01:10 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).