Following two days of significant gains at the start of the new year, gold and silver prices experienced a decline today. This softening may provide relief to buyers who had been postponing purchases due to recent price increases.
Gold-Silver Price: After the recent two-day rally, gold prices saw a slight decrease today, offering some respite to buyers. Increased demand on the occasion of the New Year had caused a sharp rise in gold prices, with the price of 100 grams of gold increasing by approximately ₹12,000 in the past two days.
Along with gold, silver prices also fell today. However, despite the decline, silver prices remain near their record highs. The continuous increase in silver prices has been putting pressure on buyers in the bullion and jewelry markets.
Softening After a Two-Day Rally, How Much Cheaper is Gold Today?
Gold prices had seen a substantial increase in the past two trading days. Increased demand due to the New Year and the wedding season pushed the price of 100 grams of gold up by around ₹12,000. However, today, profit-taking and weak signals from international markets led to a slight decline in gold prices. On January 3rd, the price of 24-carat gold in the Indian bullion market fell by approximately ₹380. Following this:
- 24 Carat Gold
- ₹1,35,820 per 10 grams
- ₹13,58,200 per 100 grams
- 22 Carat Gold
- ₹1,24,500 per 10 grams (₹350 decrease)
- ₹12,45,000 per 100 grams
Interestingly, while 24 and 22-carat gold prices fell, the price of 18-carat gold saw a slight increase.
- 18 Carat Gold
- ₹1,01,870 per 10 grams (₹280 increase)
- ₹10,18,700 per 100 grams
Experts say that this difference in prices across different carats depends on demand and the needs of the jewelry segment.
Silver Price Also Declines
Along with gold, silver prices also fell today. However, despite this, silver remains near its record high levels.
- Silver (1 kg): ₹2,40,000
- Silver (100 grams): ₹24,000
Today, the price of silver fell by approximately ₹2,000 per kilogram. The continuous increase in prices had been putting pressure on buyers in the bullion and jewelry markets, and this decline has brought some relief.
What Was the Situation on MCX?
A mixed trend was observed in gold and silver prices on the Multi Commodity Exchange (MCX).
- Gold Futures (February 5th Expiry)
- 0.04% decrease
- Closed at ₹1,35,752 per 10 grams
- Silver Futures (March 5th Expiry)
- 0.31% increase
- Settled at ₹2,36,599 per kilogram
This indicates that while silver became cheaper in the spot market, investor interest remains in the futures market.
