In the ever-volatile world of precious metals, gold prices inched higher while silver took a dip in early trade on Saturday. According to the latest data from the GoodReturns website, the price of 24-carat gold saw a modest increase of Rs 10, with ten grams of the yellow metal now trading at Rs 74,350. Meanwhile, silver prices declined by Rs 100, with one kilogram of the precious metal now selling at Rs 86,400.
The rise in gold prices wasn’t limited to 24-carat gold; even 22-carat gold saw a similar increase of Rs 10, with the price of ten grams reaching Rs 68,160.
Regional Price Variances
Across different regions, the prices of gold and silver varied slightly. In Mumbai, the price of ten grams of 24-carat gold aligned with that of Kolkata and Hyderabad, standing at Rs 74,350. Similarly, the price of ten grams of 22-carat gold in Mumbai matched Kolkata and Hyderabad at Rs 68,160.
However, there were slight variations in other major cities. In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 74,500, Rs 74,350, and Rs 75,170, respectively. Meanwhile, the price of ten grams of 22-carat gold in these cities was Rs 68,310, Rs 68,160, and Rs 68,910, respectively.
When it came to silver, the price of one kilogram in Delhi, Mumbai, and Kolkata remained steady at Rs 86,400. However, in Chennai, it stood at Rs 89,900.
Global Market Trends
The trends in the global market also played a significant role in shaping precious metal prices. US gold prices witnessed a rise on Friday, marking a fifth consecutive weekly increase. This surge was attributed to fears of further escalations between Iran and Israel, prompting safe-haven demand.
Spot gold showed a 0.7 percent increase, reaching $2,395.15 per ounce by 1:45 p.m. ET (1745 GMT), after hitting a high of $2,417.59 earlier in the session. This translated to a weekly increase of 2.2 percent. US gold futures also settled higher, up by 0.7 percent at $2,413.8.
On the other hand, spot platinum experienced a slight decline of 0.4 percent, settling at $931.22, while palladium slipped 0.6 percent to $1,016.91. Both metals posted weekly declines.
Conclusion
The fluctuations in gold and silver prices, both at the domestic and international levels, highlight the complex interplay of various factors in the precious metals market. While geopolitical tensions continue to drive safe-haven demand for gold, silver faces its own dynamics, influenced by factors such as industrial demand and investor sentiment. Keeping a close eye on these trends is crucial for investors and traders navigating the precious metals market.
