Gold and silver prices declined on the morning of 23 February, the first trading day of the new week, after recording gains over the past week.
In Delhi, 24-carat gold was trading at Rs 159420 per 10 grams, while 22-carat gold was priced at Rs 146140 per 10 grams. Compared with the previous week, prices had risen, but the current session reflected marginal pressure.
Over the past seven days, 24-carat gold increased by Rs 1530, while 22-carat gold rose by Rs 1400.
In Mumbai, Chennai and Kolkata, 24-carat gold was trading in the range of Rs 159270 to Rs 159280 per 10 grams. In these cities, 22-carat gold was recorded at approximately Rs 145990 to Rs 146000 per 10 grams. Variations across cities were attributed to local taxes and demand, while the broader national trend remained similar.
In Pune and Bengaluru, 24-carat gold was priced at Rs 159280 per 10 grams, while 22-carat gold was around Rs 146000 per 10 grams.
In the international market, spot gold was trading at $5027.13 per ounce, while silver spot prices were recorded at $80.5 per ounce.
Experts said that developments related to tariffs in the United States and rising geopolitical tensions in the Middle East could influence investor positioning. Recent announcements regarding increases in import tariff rates in the United States have led to heightened activity in global markets, with potential implications for commodity markets.
Silver prices also declined on 23 February, with the metal trading at Rs 274900 per kilogram. In January, silver prices had crossed the Rs 4 lakh level, and fluctuations have continued since then.
Silver prices are influenced not only by investment trends but also by industrial demand, including usage in the electronics and solar sectors.
