Gold and silver prices decline; 24-carat gold at Rs 78,750, silver falls to Rs 92,900
For silver, the per kilogram price in Delhi, Mumbai, and Kolkata was Rs 92,900. In contrast, Chennai saw a higher rate of Rs 1,01,900.
In early trade on Tuesday, prices for precious metals in India dipped slightly, with 24-carat gold decreasing by Rs 10 to retail at Rs 78,750 per ten grams, according to GoodReturns data. Meanwhile, silver witnessed a decline of Rs 100, now priced at Rs 92,900 per kilogram. The drop comes amid fluctuating international market trends, as investors eye upcoming US economic indicators and Federal Reserve signals for direction on interest rates.
For 22-carat gold, the price in India fell to Rs 72,190 per ten grams, also down by Rs 10. City-wise, gold rates showed slight regional differences: in Mumbai, Kolkata, and Hyderabad, the price for ten grams of 24-carat gold was uniform at Rs 78,750. Delhi recorded a higher rate of Rs 78,900, while Chennai and Bengaluru matched the national average of Rs 78,750. Similarly, for 22-carat gold, Mumbai, Kolkata, and Hyderabad priced it at Rs 72,190, with Delhi listing slightly higher at Rs 72,340.
Silver prices also varied across major Indian cities. In Delhi, Mumbai, and Kolkata, the metal traded at Rs 92,900 per kilogram, while Chennai reported a significantly higher rate of Rs 1,01,900 per kilogram.
On the international front, spot gold remained steady at $2,622.89 per ounce after hitting its lowest level since October 10. Investors are focused on the upcoming release of US economic data, with any signs of interest rate changes by the Federal Reserve likely to influence market movements. US gold futures saw a slight uptick of 0.4 per cent to $2,629.10 per ounce.
In other precious metals, spot silver held steady at $30.66 per ounce, while platinum slipped 0.3 per cent to $961.90. Palladium rose by 0.3 per cent, trading at $983.61.
According to Dr. Renisha Chainani, Head of Research at Augmont - Gold For All, “Gold has achieved its first target of $2,620, and silver reached $31 per ounce. However, further weakness is anticipated, with gold potentially dipping to $2,565 and silver to $29.80 per ounce.”
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