Significant Drop in Silver Prices Surpasses Gold Decline in Delhi: Current Rates Revealed

Follow Us
Gold and Silver Prices in Delhi

In recent developments within the financial markets, significant fluctuations in gold and silver prices have been observed in India’s capital, Delhi. On Tuesday, silver witnessed a notable drop, plummeting ₹1,300, while gold prices experienced a modest decline of ₹80. This marks a shift after a five-day period of rising gold prices, where it gained ₹1,660. Financial experts attribute this downturn to increases in U.S. bond yields and the dollar index. In this article, we will delve into the latest pricing trends for gold and silver, as well as expert insights on market conditions.

Price Drops in Gold and Silver in Delhi

According to the All India Sarafa Association, global market weaknesses have impacted gold prices, which fell by ₹80 to settle at ₹80,580 per 10 grams in Delhi. This decline ceased the recent rally that had persisted for five consecutive days. On Monday, gold was priced at ₹80,660 per 10 grams. Furthermore, 99.5% pure gold also saw a decrease, dropping to ₹80,180 per 10 grams from a previous closing of ₹80,260 per 10 grams. In contrast, industrial demand waning led to silver prices plunging by ₹1,300, landing at ₹91,700 per kilogram, compared to ₹93,000 per kilogram from the previous session.

MCX Market Trends for Gold and Silver

In addition, during futures trading on the Multi Commodity Exchange (MCX), gold for February delivery fell by ₹16 to ₹78,150 per 10 grams. Similarly, silver contracts for March delivery decreased by ₹128, or 0.14%, settling at ₹90,385 per kilogram. Meanwhile, in international markets, Comex gold futures slightly rose to $2,679.50 per ounce. Asian markets recorded silver stabilizing at $30.32 per ounce.

Expert Insights on Market Movements

Saumil Gandhi, a senior analyst at HDFC Securities, commented that the decline in gold prices on Tuesday can largely be attributed to rising U.S. bond yields and the strength of the U.S. dollar. The Federal Reserve may implement fewer interest rate cuts this year, following robust employment reports that have driven up U.S. Treasury yields to their highest levels in 14 months. Additionally, Chintan Mehta, CEO of Abns Holdings, stated that market participants are now awaiting the release of the U.S. Core Producer Price Index data on Tuesday, with the Consumer Price Index (CPI) report expected the following day.

Summary of Current Metal Prices

MetalCurrent Price (in ₹)Price Change (in ₹)
Gold (99.5% purity)80,180 per 10 grams-80
Silver91,700 per kilogram-1,300

The fluctuations in gold and silver prices in Delhi provide insight into the overall economic conditions influenced by global market trends. Investors should stay informed on upcoming economic indicators which could further impact these precious metal prices.