Although gold prices are declining in the national futures market, the Delhi bullion market experienced a significant rally. Silver prices, on the other hand, fell by more than 3 percent, bringing the price of silver below ₹2.65 lakh (approximately $1.5 million) in Delhi. Experts believe that gold and silver prices may continue to fluctuate. Both gold and silver are tracking new macroeconomic indicators. Unless both precious metals receive additional triggers, the prices of gold and silver may remain unchanged. Here are the current gold and silver prices in Delhi.
Gold and Silver in Delhi
On Tuesday, silver prices in the national capital fell by ₹7,500, or nearly 3 percent, to ₹2.64 lakh (approximately $1.5 million) to ₹2.64 lakh (approximately $1.5 million) per kilogram. In comparison, gold prices rose by ₹2,200 (approximately $1.5 million) per 10 grams due to the US dollar’s strengthening.
According to the All India Sarafa Association, the price of silver fell by ₹7,500 to ₹2,64,500 per kilogram (including all taxes) from Monday’s closing price of ₹2,72,000 per kilogram. Meanwhile, the price of 99.9 percent pure gold rose by ₹2,200, or 1.4 percent, to ₹1,60,700 per 10 grams (inclusive of all taxes). It had closed at ₹1,58,500 per 10 grams in the previous market session.
Gold and silver also fell in the foreign market.
Traders said gold prices rose for the second consecutive session, driven by continued buying by jewellers and investors. Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, said gold rose slightly on Tuesday as traders awaited new macroeconomic cues. He further stated that gold and silver prices tend to fluctuate widely due to near-term market volatility. In the international market, spot silver fell by US$1.13, or 1.37 percent, to US$82.16 per ounce, while gold traded marginally lower at US$5,052.43 per ounce.
What Experts Are Saying
Jatin Trivedi, Vice President, Research Analyst – Commodity and Currency, LKP Securities, said that market participants are awaiting the release of important US retail sales data, followed by unemployment and non-farm payrolls data later in the week. He said that the release of these data is likely to increase market volatility, as it will shape expectations about the Federal Reserve’s policy stance and influence the direction of gold prices.
