Gold and silver prices remained unchanged in the Delhi bullion market on Monday, with both precious metals trading within a limited range amid weak domestic demand. While domestic prices remained stable, silver recorded a rise of more than 2% in the international market.
Gold of 99.9% purity remained stable at Rs 1,49,800 per 10 grams in the Delhi bullion market. There was no change in the price compared with the previous trading session, keeping the price of 24-carat gold at around Rs 1.50 lakh per 10 grams.
According to market participants, demand from jewellers and retail buyers in the domestic market is currently not very b. The absence of the expected increase in demand has limited movement in gold prices. However, with gold prices remaining at elevated levels, investors and customers continue to monitor the next price movement.
Silver prices in the domestic market also remained unchanged on Monday. Silver was quoted at Rs 2,27,000 per kilogram in the Delhi bullion market. At this rate, buying 1 kilogram of silver would cost around Rs 2.27 lakh, while 10 grams of silver would cost approximately Rs 2,270.
Despite stable domestic prices, silver recorded a rise in the international market.
In the global market, spot gold prices rose marginally to $4,156.62 per ounce. Silver, meanwhile, gained more than 2% to around $61.70 per ounce.
The source content states that weak domestic demand kept gold and silver prices limited in India, while silver benefited from ber buying at the global level.
The US dollar is among the key factors influencing international gold prices. On Monday, the dollar index moved above 102.50. Generally, when the dollar strengthens, the cost of dollar-denominated gold increases for investors buying in other currencies. This can put pressure on gold prices.
Global economic conditions, expectations regarding interest rates, geopolitical developments and investors' risk appetite also influence gold and silver prices.
Gold demand in India generally increases during the festive and wedding seasons. If purchases by jewellers and retail customers increase in October and November, domestic gold prices may receive support.
However, the direction of prices does not depend solely on domestic demand. Gold and silver prices in international markets, movements in the dollar and global economic conditions will also play an important role in the coming days.
