In Delhi's bullion market, gold dropped by ₹200 to ₹1,07,670 per 10 grams, and silver fell by ₹1,000 to ₹1,26,000 per kg. However, gold and silver reached new record levels on MCX and in the global market. Analysts believe that expectations of interest rate cuts and geopolitical risks will continue to support gold prices.
Gold Price Today: In Delhi's bullion market on Tuesday, gold and silver prices registered a decline, with gold becoming ₹200 cheaper at ₹1,07,670 per 10 grams and silver falling by ₹1,000 to ₹1,26,000 per kg. Prior to this, both metals had reached all-time highs on Saturday. Meanwhile, gold and silver remain at record levels on MCX and in the global market. Experts suggest that the possibility of interest rate cuts, weak US job data, and Russia-Ukraine tensions are factors supporting the rise in gold prices.
Gold Prices Decline in Delhi
According to the All India Bullion and Jewellery Association, gold prices saw a decline on September 8. Gold of 99.9 percent purity dropped by ₹200 to ₹1,07,670 per 10 grams. Gold of 99.5 percent purity also fell by ₹200 to ₹1,06,800 per 10 grams.
On Saturday, gold had reached a record level. Gold of 99.9 and 99.5 percent purity had closed at ₹1,07,870 and ₹1,07,000 per 10 grams respectively, an increase of ₹900-₹900. This was the highest level ever.
Significant Drop in Silver Prices
Along with gold, silver prices also fell. According to PTI, silver dropped by ₹1,000 to ₹1,26,000 per kilogram on Monday. On Saturday, it had reached ₹1,27,000 per kilogram, which was its all-time high.
MCX Gold Futures
The trend for gold in the domestic futures market, MCX, was slightly different. Gold futures for October delivery rose by ₹447, or 0.41 percent, to a record level of ₹1,08,175 per 10 grams. Meanwhile, December futures crossed ₹1.09 lakh per 10 grams with a gain of ₹370, or 0.34 percent.
Silver Performance on MCX
Silver futures prices showed strength. On Monday, silver for December delivery surged by ₹1,703, or 1.36 percent, to ₹1,26,400 per kilogram. This is its highest level to date.
Silver Receiving Support
According to Renisha Chainani, Head of Research at Augmont, silver is receiving b support from industrial demand. The physical market for silver is experiencing tightness due to the increasing demand for solar energy, electric vehicles, and electronics. Chainani stated that investors will be closely watching US inflation data, which could determine the direction of bullion prices before the Fed's policy meeting.
The trend for gold in the international market remains bullish. Spot gold rose by $35.11, or 1 percent, to $3,621.92 per ounce. Gold futures for December delivery on Comex had reached a record of $3,662 per ounce.
