The precious metals market witnessed another upward movement on Tuesday, with gold and silver prices edging higher in both domestic and global markets. According to data from the GoodReturns website, the price of 24-carat gold rose by ₹10, while silver advanced by ₹100 per kilogram. The gains were supported by firm festive demand in Asia, expectations of US interest rate cuts, and sustained buying by central banks and exchange-traded funds (ETFs).
Quick Summary of Gold and Silver Prices
Particulars |
Details |
|---|---|
Gold Price (24 Carat, 10g) |
₹1,13,080 |
Gold Price (22 Carat, 10g) |
₹1,03,660 |
Silver Price (1 kg) |
₹1,38,100 (Delhi, Mumbai, Kolkata), ₹1,48,100 (Chennai) |
US Spot Gold Price |
$3,752.43 per ounce |
US Gold Futures |
$3,787.60 per ounce |
Silver Price (International) |
$43.98 per ounce |
Official Website |
Domestic Market Update
Gold Prices in Major Cities
- In Mumbai and Kolkata, the price of 10 grams of 24-carat gold stood at ₹1,13,080, while in Chennai, it was slightly higher at ₹1,13,790.
- In Delhi, 10 grams of 24-carat gold was priced at ₹1,13,230.
- For 22-carat gold, the price stood at ₹1,03,660 in Mumbai, Kolkata, Bengaluru, and Hyderabad.
- In Chennai, 22-carat gold was priced at ₹1,04,310, while in Delhi, it was ₹1,03,810.
Silver Prices in India
- In Delhi, Mumbai, and Kolkata, one kilogram of silver was priced at ₹1,38,100.
- In Chennai, silver was higher, trading at ₹1,48,100 per kilogram.
Global Precious Metals Market
The international market also mirrored the domestic bullish trend.
- Spot gold rose 0.2 percent to $3,752.43 per ounce as of 0123 GMT, after touching a record high of $3,758.03 per ounce earlier in the session.
- US gold futures for December delivery climbed 0.3 percent to $3,787.60 per ounce.
- Spot silver fell marginally by 0.2 percent to $43.98 per ounce, though it remains close to a 14-year high.
- Platinum gained 0.3 percent to $1,420.45, while palladium rose 0.9 percent to $1,189.84.
Factors Driving the Price Surge
Several factors are contributing to the firm trend in gold and silver prices:
- US Federal Reserve Policy:
The US Federal Reserve has recently cut interest rates by 25 basis points and indicated the possibility of further cuts. This has weakened the dollar and boosted demand for safe-haven assets like gold. - Festive and Seasonal Demand:
In Asia, particularly in India, festive buying has increased demand for gold, supporting prices in the domestic market. - Central Bank Purchases:
Central banks continue to be net buyers of gold, adding long-term support to bullion prices. - Geopolitical Risks:
Rising tensions in the Middle East and Eastern Europe have increased safe-haven demand. - Industrial Demand for Silver:
Silver’s role in solar panel production, electric vehicles, and 5G infrastructure has significantly strengthened demand.
Expert Insights
- Pranav Mer, Vice President, JM Financial Services, highlighted that festive demand in Asia and central bank buying will keep gold prices supported, though safe-haven buying remains mixed due to high prices.
- Prathamesh Mallya, Angel One, observed that gold is consolidating after recent Fed actions, with momentum expected to remain on the upside.
- Manav Modi, Motilal Oswal Financial Services, noted that inflation data, rupee depreciation, and weak US jobs data continue to shape gold’s direction.
- Riya Singh, Emkay Global Financial Services, projected a medium-term international gold price target of $3,850–4,000 per ounce, provided US inflation cools further. She also projected silver prices could test $49–50 per ounce globally.
Silver’s Outperformance
Silver has outpaced gold in recent weeks due to a surge in both investment inflows and industrial demand.
- On the MCX, silver futures closed at ₹1,30,096 per kilogram last week.
- In global markets, silver rose nearly 2 percent to $42.95 per ounce, after touching $43.43 per ounce earlier in the week.
Industrial applications such as solar panels, electric vehicles, and battery storage have tightened the physical silver market. Stagnant mine production has further amplified the supply-demand imbalance.
Market Outlook
Analysts expect gold and silver prices to remain buoyant in the near term, supported by:
- A softer monetary stance from the US Federal Reserve.
- Strong seasonal demand in Asia.
- Ongoing geopolitical uncertainties.
- Rising industrial demand for silver.
However, volatility cannot be ruled out as markets remain sensitive to US macroeconomic data releases, dollar movements, and global trade negotiations.
Frequently Asked Questions (FAQs)
Q1. What is the current price of 24-carat gold in India?
The price of 10 grams of 24-carat gold is ₹1,13,080 in Mumbai and Kolkata.
Q2. How much is 22-carat gold trading for?
It is priced at ₹1,03,660 per 10 grams in Mumbai, Kolkata, Bengaluru, and Hyderabad.
Q3. What is the price of silver in India?
Silver is priced at ₹1,38,100 per kilogram in Delhi, Kolkata, and Mumbai, and ₹1,48,100 per kilogram in Chennai.
Q4. What are the global gold prices today?
Spot gold is trading at $3,752.43 per ounce, while US gold futures are at $3,787.60 per ounce.
Q5. Why are silver prices rising faster than gold?
Industrial demand from solar, EVs, and 5G infrastructure has driven silver higher, along with investment inflows.
Q6. What is the future outlook for gold prices?
Analysts project that international gold prices may rise to $3,850–4,000 per ounce in the medium term.
Q7. Can silver prices reach new highs?
Yes, analysts believe silver could touch $49–50 per ounce globally and ₹1,50,000 per kilogram in India.
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