Gold and Silver Prices show mixed trends amid festive demand and global fluctuations

Gold and silver prices fluctuated due to strong domestic festive demand and weak global markets. Gold dipped during Navratri, while silver hit record highs, reflecting market volatility and advising investor caution.

New Delhi: Gold and silver prices had recently seen a steady rise, but during Navratri, gold prices fell for three days. According to the India Bullion and Jewellers Association (IBJA) website, the price of 24-carat gold fell to ₹113,262 per 10 grams on Monday morning, while the price of silver reached ₹138,100 per kilogram.

Since the market is closed on Saturday and Sunday, Friday's closing price was considered valid until the market opened on Monday.

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Recent Trends and Festive Demand

According to a report from the All India Sarafa Association, gold and silver prices rose sharply in the Delhi local market on Friday. Silver prices reached a record high of ₹141,900 per kilogram due to strong demand from stockists during the festive season. The price of 99.9% pure gold was ₹117,700 per 10 grams, up ₹330 from Thursday. Gold of 99.5% purity reached ₹117,100 per 10 grams.

This rise was driven by increased investor interest in the domestic market and festive shopping. However, gold and silver prices closed lower in the global market. Internationally, spot gold fell 0.12% to $3,744.75 per ounce, and silver fell 0.35% to $45.03 per ounce.

Futures Market Volatility

Gold prices rose on Friday in the futures market, while silver prices fell. Gold for October delivery rose ₹171 (0.15%) to ₹112,800 per 10 grams on the Multi Commodity Exchange (MCX). Gold for December delivery also rose by ₹56 (0.05%) to close at ₹113,927 per 10 grams.

Silver for December delivery fell by ₹400 (0.29%) to close at ₹136,656 per kg, and silver for March delivery fell by ₹351 (0.25%) to close at ₹138,051 per kg. Globally, gold futures rose 0.15% to $3,776.90 per ounce, while silver declined 0.21% to $44.19 per ounce.

Gold Prices dip during Navratri, Silver hits record high amid festive demand

Gold and silver prices depend on domestic demand, festive season shopping, and global market conditions. While festive demand in the domestic market kept prices strong, weakness in the global market caused fluctuations in gold and silver prices. Gold prices fell during Navratri, but silver prices continued to rise. This market behavior suggests caution for investors.