On Wednesday, the capital city of India, Delhi, witnessed a decline in silver prices. Meanwhile, the price of gold remained unchanged, indicating that the rates on Wednesday mirrored those of Tuesday. Conversely, significant drops were observed in gold prices in the international markets. Just a day before, gold prices in Delhi had surged, crossing the ₹74,300 mark, driven by various market influences. Let’s delve into the latest figures from the Delhi bullion market.
Gold and Silver Prices in Delhi
In the Delhi bullion market on Wednesday, the price of gold stood steady at ₹74,350 per 10 grams. In contrast, silver saw a decrease of ₹400, now priced at ₹87,800 per kilogram, down from ₹88,200 per kilogram previously. Additionally, gold priced at 99.5% purity also remained unchanged at ₹74,000 per 10 grams. Market analysts attributed the drop in silver prices to weak demand from industrial units and broader global influences.
Significant Decline in International Gold Prices
In the international market, both gold and silver prices experienced notable declines. In the New York Comex market, gold futures fell by $13, trading at $2,540 per ounce. Spot gold prices witnessed a more significant drop of over $17 per ounce to settle at $2,507.21 per ounce. Regarding silver, silver futures were down by 2%, trading at $29.85 per ounce, while spot silver saw a 1.60% decrease, priced at $26.37 per ounce.
Market Insights from Experts
According to Soumil Gandhi, a senior analyst at HDFC Securities, gold prices were slightly lower during European trading hours due to a rebound in the US dollar. Kainat Chainwala, AVP of Commodity Research at Kotak Securities, noted that Comex gold is trading above $2,500 per ounce, supported by expectations from the upcoming FOMC meeting. Chainwala emphasized that rising geopolitical tensions, particularly the escalating conflict between Israel and Hezbollah, have also bolstered gold prices as a safe haven asset. In the global markets, silver was reportedly bid below $29.93 per ounce.
Daily Price Overview
| Metal | Price in Delhi (₹) | International Price |
|---|---|---|
| Gold (10 grams) | 74,350 | 2,507.21 (Spot) |
| Silver (kilogram) | 87,800 | 26.37 (Spot) |
This fluctuation in precious metal prices underscores the interconnectedness of international markets and domestic trading. Investors should remain vigilant to market trends and geopolitical developments that may impact these valuable assets.
