Gold prices in India continued to decline, reflecting ongoing volatility in the precious metals market amid global weakness and the impact of interest rate trends.
On the morning of March 20, the price of 24-carat gold in Delhi fell to Rs 1,50,420 per 10 grams, while in Mumbai it was recorded at Rs 1,50,270 per 10 grams. The decline follows a sharp fall observed a day earlier.
Silver prices also remained under pressure, indicating sustained weakness across precious metals.
Sharp Decline Recorded on March 19
On March 19, gold prices in Delhi’s bullion market registered a significant drop of around Rs 7,000, or 4.37 percent, to Rs 1,53,300 per 10 grams. This was among the steepest declines recorded in recent periods.
Silver prices also saw a substantial fall, declining by approximately Rs 17,800 to Rs 2,38,700 per kilogram.
Following this decline, market participants are closely monitoring further price direction.
Factors Driving the Decline
Multiple factors have contributed to the fall in gold and silver prices. Concerns over rising inflation, a tighter stance by central banks, and uncertainty around interest rates have weighed on prices.
Higher interest rates typically reduce investor preference for non-yielding assets such as gold, leading to lower demand. Additionally, an increase in global crude oil prices has added to market pressure.
These combined factors have contributed to the downward movement in precious metal prices.
Impact of International Markets
Weakness in international markets has also influenced domestic prices. Spot gold was trading at around $4,678.69 per ounce, while silver was recorded at $70.49 per ounce.
Movements in global prices continue to directly impact domestic markets, with declines internationally leading to lower prices in India.
Gold Rates Across Major Cities
Gold prices showed minor variations across cities, although the overall trend remained downward. In Delhi, 24-carat gold was priced at Rs 1,50,420 per 10 grams, while 22-carat gold stood at Rs 1,37,890 per 10 grams.
In Mumbai, Chennai, and Kolkata, 24-carat gold was trading at Rs 1,50,270 per 10 grams, with 22-carat gold at around Rs 1,37,740 per 10 grams.
Similar price levels were observed in Pune and Bengaluru, with 24-carat gold at Rs 1,50,270 and 22-carat gold at Rs 1,37,740 per 10 grams. Prices in Jaipur, Lucknow, and Chandigarh were aligned with Delhi levels.
Silver Remains Volatile
Silver prices continued to exhibit volatility. After falling to approximately Rs 2,38,700 per kilogram on March 19, prices were reported at around Rs 2,59,900 per kilogram on the morning of March 20.
The silver market remains influenced by global cues and investor positioning.
