Gold and Silver Prices Experience Sharp Decline in Indian Markets
Precious metal prices witnessed a significant downturn in the national capital on Friday, marking the second consecutive session of declines as investors continued to engage in profit-taking activities. The sell-off was particularly pronounced in silver, which registered a steep fall, while gold also posted substantial losses amid volatile trading conditions.
Substantial Price Drops Recorded for Both Metals
According to data released by the All India Sarafa Association, silver prices plummeted by Rs 13,000, representing a substantial decline of 4.85%, to settle at Rs 2,55,000 per kilogram. This price includes all applicable taxes and marks a notable drop from Thursday's closing figure of Rs 2,68,000 per kg.
Gold of 99.9% purity also weakened considerably during the trading session, falling by Rs 3,400 or 2.12% to reach Rs 1,57,200 per 10 grams. This represents a decline from the previous session's price of Rs 1,60,600 per 10 grams, with all taxes included in these figures.
Profit-Taking Drives Domestic Market Decline
Market analysts and traders attributed the sharp decline in domestic precious metal prices primarily to profit-taking activities at elevated price levels. This occurred despite a notable recovery in global precious metal markets later in the trading day, creating a divergence between domestic and international price movements.
International Markets Stage Impressive Recovery
In contrast to the domestic trend, international bullion markets experienced a remarkable rebound following an initial sell-off. Spot silver prices surged by $3.02, representing a gain of 4.26%, to reach $74 per ounce. This recovery was particularly impressive considering the metal had fallen to an intra-day low of $64.08 per ounce, representing a decline of nearly 10% at its lowest point.
Gold also demonstrated strong resilience in global markets, staging a substantial recovery of $106.74 or 2.23% to settle at $4,887.30 per ounce. This upward movement followed an earlier session low of $4,654.86 per ounce, highlighting the volatility that characterized precious metal trading throughout the day.
Current Gold Prices Across Major Indian Cities
Ahmedabad Gold Rates
In Ahmedabad, 24-carat gold is currently priced at Rs 15,447 per gram, while 22-carat gold is selling at Rs 14,160 per gram. The price of 18-carat gold stands at Rs 11,587 per gram in the city.
Delhi Gold Rates
Gold prices in Delhi are slightly higher than in some other cities, with 24-carat gold available at Rs 15,457 per gram. The 22-carat variant is priced at Rs 14,170 per gram, while 18-carat gold is trading at Rs 11,597 per gram.
Mumbai Gold Rates
In Mumbai, the rate for 24-carat gold is Rs 15,442 per gram. The 22-carat gold price stands at Rs 14,155 per gram, and 18-carat gold is selling at Rs 11,582 per gram.
Hyderabad Gold Rates
Gold prices in Hyderabad mirror those in Mumbai, with 24-carat gold priced at Rs 15,442 per gram. The 22-carat variant costs Rs 14,155 per gram, while 18-carat gold is available at Rs 11,582 per gram.
Chennai Gold Rates
Chennai features higher gold rates compared to most other major cities. The price of 24-carat gold is Rs 15,622 per gram, while 22-carat gold is selling at Rs 14,320 per gram. The 18-carat gold rate in the city stands at Rs 12,250 per gram.
Kolkata Gold Rates
In Kolkata, 24-carat gold is trading at Rs 15,442 per gram. The 22-carat variant is priced at Rs 14,155 per gram, while 18-carat gold costs Rs 11,582 per gram.
Pune Gold Rates
Pune gold prices align with those in Mumbai and Hyderabad. The rate for 24-carat gold stands at Rs 15,442 per gram, with 22-carat gold priced at Rs 14,155 per gram and 18-carat gold at Rs 11,582 per gram.
The contrasting movements between domestic and international precious metal markets highlight the complex dynamics influencing gold and silver pricing. While profit-taking drove declines in Indian markets, global investors demonstrated renewed confidence later in the trading session, resulting in significant recoveries for both metals on international exchanges.
