Gold and silver prices in India saw a modest rise on Wednesday, reflecting a slight rebound amid ongoing market fluctuations. The price of 24-carat gold climbed to ₹7,654.3 per gram, marking an increase of ₹210, while 22-carat gold rose by ₹200 to ₹7,018.3 per gram.
Despite this uptick, the recent trend in gold prices has been volatile, with the metal showing a weekly decline of 3.5% and a monthly drop of 2.48%, highlighting the uncertainty in the market.
Silver prices remained stable at ₹96,000 per kilogram, maintaining the same rate as the previous day. Over the past week, silver prices have demonstrated a significant upward trend, reflecting increased investor interest amid global market uncertainties.
With investors closely monitoring economic signals and fluctuating currency values, the metals market continues to be influenced by both domestic and international factors.
In Delhi, the price of 24-carat gold reached ₹76,543 per 10 grams, up from ₹76,093 the previous day. Comparatively, gold prices last week were at ₹73,430 per 10 grams, indicating a consistent rise.
Silver prices in the capital have also shown a marked increase, remaining at ₹96,000 per kilogram, significantly up from ₹89,500 recorded last week. These price movements highlight the continued demand for precious metals as a hedge against economic instability.
Chennai saw similar trends, with 24-carat gold priced at ₹76,391 per 10 grams, compared to ₹75,941 on the previous day. Last week’s price was lower at ₹73,310 per 10 grams, underlining the growing demand in the southern market.
Silver prices in Chennai remained robust at ₹1,00,600 per kilogram, unchanged from the previous day but significantly higher than last week’s rate of ₹95,000 per kilogram. The city’s strong appetite for gold and silver reflects traditional buying patterns, particularly as the festive season approaches.
In Mumbai, the financial hub of India, 24-carat gold was priced at ₹76,397 per 10 grams, up from ₹75,947 the previous day, with last week’s price standing at ₹74,230. Silver prices showed a slight dip, recorded at ₹95,200 per kilogram, compared to ₹95,300 the day before, but still up from ₹89,500 per kilogram last week. These fluctuations are closely watched by traders, especially with Mumbai being a key center for bullion trade in the country.
Kolkata reported gold prices of ₹76,395 per 10 grams, an increase from ₹75,945 the previous day and ₹73,410 last week. Silver prices in Kolkata were recorded at ₹96,700 per kilogram, slightly down from the previous day’s rate of ₹96,800 but notably higher than last week’s price of ₹89,500 per kilogram. The consistent demand in Kolkata mirrors the broader national trend of increasing interest in precious metals as a safeguard against economic volatility.
Market analysts attribute the recent movements in gold and silver prices to a combination of global economic factors. Fluctuations in the strength of the US dollar, changes in interest rates, and evolving economic policies in major markets like the US and China have contributed to the varying demand for these metals.
local factors such as consumer demand, festival seasons, and changes in government policies regarding gold imports also play a crucial role in influencing prices.
The current market dynamics suggest that investors are using precious metals as a safe haven amid ongoing economic uncertainties. While gold and silver prices are experiencing short-term fluctuations, the broader trend indicates a cautious optimism among investors.
As global events continue to unfold, including the state of the global economy and currency movements, the metals market is likely to remain a focal point for those looking to balance risk and reward.
