Gold and silver prices declined in India on Thursday, while gold traded largely unchanged in the international market. On COMEX (Commodity Exchange), gold was trading at approximately $4,804.70 per ounce.
Gold and silver prices in the domestic market eased amid global geopolitical tensions and increased uncertainty in financial markets. Rising tensions between the United States and Iran influenced investor sentiment in international markets. Although global gold prices recorded limited movement, prices of both precious metals softened in the Indian bullion market.
According to market experts, international developments, expectations regarding US monetary policy, the strength of the US dollar, and fluctuations in crude oil prices could determine the direction of gold and silver prices in the coming days. Investors and jewellery buyers are therefore closely monitoring both domestic and global market indicators.
The average price of 24-carat gold in the Indian market stood at ₹1,43,890 per 10 grams, down approximately 1.18% from the previous trading session. A day earlier, the price was approximately ₹1,45,600 per 10 grams.
The price of 22-carat gold declined to ₹1,31,803 per 10 grams, representing a fall of around ₹1,574 compared with the previous day.
Meanwhile, 18-carat gold also softened to approximately ₹1,07,918 per 10 grams, about ₹1,288 lower than the previous trading session.
According to market experts, the decline in domestic prices depends on international market cues as well as the movement of the Indian rupee, import costs, and local demand.
Gold prices varied marginally across major Indian cities.
In Delhi, 24-carat gold was priced at ₹1,43,650 per 10 grams, while 22-carat gold stood at ₹1,31,680 per 10 grams.
In Mumbai, 24-carat gold was priced at ₹1,44,090 per 10 grams and 22-carat gold at ₹1,31,940 per 10 grams.
In Kolkata, 24-carat gold was priced at ₹1,44,090 per 10 grams, while 22-carat gold stood at ₹1,32,000 per 10 grams.
In Chennai, 24-carat gold was quoted at ₹1,44,450 per 10 grams and 22-carat gold at ₹1,32,350 per 10 grams.
In Bengaluru, 24-carat gold was priced at ₹1,44,090 per 10 grams and 22-carat gold at ₹1,31,940 per 10 grams.
In Hyderabad, 24-carat gold stood at ₹1,44,150 per 10 grams, while 22-carat gold was priced at ₹1,32,000 per 10 grams.
In Ahmedabad, 24-carat gold was quoted at ₹1,44,090 per 10 grams and 22-carat gold at ₹1,31,940 per 10 grams.
Gold prices may vary slightly across cities due to local taxes, transportation costs, and jewellers' premiums.
Silver prices also declined in the domestic market. Silver was priced at approximately ₹2.29 lakh per kilogram in India, about 3.35% lower than the previous day.
In the international market, however, silver recorded a marginal increase and traded at approximately $58.69 per troy ounce. This indicates that domestic and global market trends do not always move in the same direction, as local demand, currency exchange rates, and import costs also influence prices.
