Gold and Silver Prices Dip Again in India Amid Weak Demand and Dollar Slide

Gold and silver prices dropped in India amid weak demand and a sliding dollar. In Delhi, 24K gold fell to ₹100,620/10g, while silver dipped to ₹117,900/kg. Experts predict further volatility due to global economic factors. Buyers advised to monitor market trends closely.

New Delhi: On Wednesday, prices of both gold and silver have once again dipped in the Indian as well as international markets. The prime reason for the fall is weak demand and the slide in the dollar index. The specialty is that gold is becoming lighter for the third day in a row, and the price of silver has again decreased slightly after one day of stabilization.

The rate of 24-carat gold in Delhi fell by ₹ 10 today to ₹ 100,620 per 10 grams. The 22-carat gold has also decreased by ₹ 10 and is available at ₹ 92,240 per 10 grams. In the past three days, 24-carat gold has declined by a combined ₹ 1860, and 22-carat gold by ₹ 1710, which is occurring on account of slack market demand and the declining value of the dollar.

Gold rates in other prominent cities of North India, such as Patna, Lucknow, Jaipur, and Ahmedabad, are also nearly identical to Delhi. For instance, in Patna, 22-carat gold is priced at ₹ 92,140 and 24-carat at ₹ 100,520 for 10 grams. In Lucknow and Jaipur, 22-carat gold is offered at ₹ 92,240 and 24-carat at ₹ 100,620 for 10 grams. Rates in Ahmedabad also stand the same way.

Gold rates have also decreased to nearly the same price in other major cities of the nation, such as Kolkata, Chennai, Mumbai, Bengaluru, and Hyderabad. In these cities, 24-carat gold is priced at ₹ 100,470 and 22-carat gold at ₹ 92,090 per 10 grams.

Silver prices also remain unstable. The price of silver in Delhi has fallen by ₹ 100 per kg to ₹ 117,900. Silver prices in Mumbai and Kolkata are nearly identical to Delhi. On the other hand, the price of silver in Chennai is ₹ 127,900 per kg, the highest among the country's big metros.

There is a declining trend in gold prices these days, according to experts. While today prices have increased partially, it is considered temporary. The prices of gold might decrease again in the next few weeks. It will solely rely on the global economic situation, the weakness or strength of the dollar, alterations in interest rates, and geopolitical tensions. Thus, there will be a scope of fluctuations in gold and silver prices.

Thus, if you are considering selling or purchasing gold and silver, it will be compulsory to continue receiving constant market updates and remain watchful of the opinions of specialists.