The price of gold edged higher in early trade on Tuesday, with 24-carat gold gaining ₹10 per 10 grams, taking the trading price to ₹76,320, as per the GoodReturns website. Meanwhile, silver prices experienced a marginal decline, falling by ₹100, with one kilogram of the precious metal priced at ₹89,400.
Gold prices across major Indian cities
- 22-carat gold also saw a similar rise of ₹10, with ten grams now priced at ₹69,960 across key cities such as Mumbai, Kolkata, Bengaluru, Chennai, and Hyderabad.
- In Delhi, 22-carat gold is priced slightly higher at ₹70,110 per 10 grams, while 24-carat gold trades at ₹76,470 in the capital.
For those seeking consistency in gold rates, prices in Mumbai, Kolkata, Bengaluru, Chennai, and Hyderabad remain uniform, with 24-carat gold at ₹76,320 and 22-carat gold at ₹69,960 per 10 grams.
Silver prices across India
- In cities like Delhi, Mumbai, and Kolkata, one kilogram of silver is priced at ₹89,400, consistent across these regions.
- Chennai, however, reflects a notable premium, with silver trading at ₹98,900 per kilogram, marking a significant regional price difference.
International gold market trends
In global markets, gold prices showed little momentum in early Asian trade on Tuesday as investors awaited key comments from Federal Reserve officials for insights into the future trajectory of US interest rates.
- Spot gold remained largely steady at $2,611.79 per ounce as of 0010 GMT, following a robust 2% gain in the previous session driven by:
- A weakening US dollar.
- Escalating geopolitical tensions, particularly the Russia-Ukraine conflict.
- US gold futures also traded flat, holding steady at $2,615.70 per ounce.
The softer dollar continues to lend support to gold prices as it enhances the appeal of the yellow metal for overseas buyers.
Silver and other precious metals
- Spot silver held firm at $31.14 per ounce, reflecting stability amidst fluctuating market dynamics.
- Platinum declined marginally by 0.2% to $965.36 per ounce, while palladium eased by 0.1%, trading at $1,004.05 per ounce.
SPDR Gold trust holdings
The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, reported an increase in its holdings, which rose 0.2% to 871.65 tonnes on Monday, up from 869.93 tonnes on Friday. This uptick signals sustained investor interest in gold-backed investments amid global uncertainties.
Market drivers and analysis
- Rising Geopolitical Tensions:
The ongoing Russia-Ukraine conflict continues to drive safe-haven demand for gold. The geopolitical landscape remains volatile, with investors turning to precious metals to hedge against potential market disruptions.
More Read
- Federal Reserve Commentary:
With traders eagerly awaiting remarks from Federal Reserve officials, the focus remains on the US central bank’s approach to interest rates. Any indications of a prolonged rate-hike pause could provide further support to gold prices. - Dollar Movement:
The US dollar’s softer performance has bolstered gold’s appeal, making it a preferred asset among international buyers. - Mixed Sentiments in Silver:
While gold enjoys stable demand, silver markets show mixed sentiments, with fluctuations likely driven by industrial demand dynamics and speculative trading.
Outlook for Indian markets
With gold prices maintaining a steady upward trajectory and silver showing marginal declines, the market outlook in India remains mixed. The festive and wedding season is expected to lend further support to demand for precious metals in the domestic market.
Investors are advised to monitor both international trends and local price movements closely, as fluctuations in global rates, currency valuations, and geopolitical developments will continue to influence pricing dynamics in the days ahead.
Gold and silver remain pivotal investment choices for Indian consumers, reflecting both cultural significance and financial security amidst evolving economic conditions.
