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Gold prices saw a slight increase on Saturday morning, while silver became cheaper. 24-karat gold rose by ₹10 to ₹1,29,940 per 10 grams, while silver fell by ₹100 to ₹1,86,900 per kilogram.
Global Sentiment Lifts Gold; Silver Hits Record High
New Delhi: The gold and silver markets saw slight fluctuations on Saturday morning. The price of 24-karat gold rose by ₹10 to ₹1,29,940 per 10 grams, while silver traded at ₹1,86,900 per kilogram, a decrease of ₹100. Prices of precious metals continue to fluctuate in both domestic and global markets.
24-karat gold prices saw a marginal increase. In Delhi, 10 grams of 24-karat gold traded at ₹1,30,090, in Mumbai and Kolkata at ₹1,29,940, and in Chennai at ₹1,30,900.
22-karat gold also became ₹10 more expensive. In Mumbai, Kolkata, Hyderabad, and Bengaluru, 10 grams of 22-karat gold was priced at ₹1,19,110, while in Chennai it was recorded at ₹1,19,990. In Delhi, the price was ₹1,19,260.
Gold Price Today: 24K hits Rs 130,260 in India; City-wise rates inside
Silver prices saw a decline of ₹100. In Delhi, Mumbai, and Kolkata, one kilogram of silver remained at ₹1,86,900. However, the price of silver was higher in Chennai—₹1,95,900 per kilogram.
Silver has seen a sharp surge in recent weeks, rising by as much as 98% within the year. This is attributed to factors such as global supply shortages and its inclusion in the US critical minerals list.
Gold also showed strength in the international market. Spot gold rose 1% to $4,212.16 per ounce at 1:36 PM ET, although it was down 0.4% on a weekly basis.
US gold futures remained stable at $4,243 per ounce.
Experts believe that expectations of a potential interest rate cut by the Federal Reserve have strengthened gold prices. According to Alex Abkarian, COO of Allegiance Gold, gold could reach $4,200 to $4,500 this year and $5,000 next year, depending on the Fed's policies.
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Globally, silver rose 2.6% to $58.59 per ounce, registering a 4% gain for the week. It briefly touched a record high of $59.32.
Physical gold demand in major markets like India and China was slightly subdued this week, as buyers awaited a potential price dip.
Platinum remained stable at $1,646.10 per ounce, while palladium rose 0.3% to $1,453.39. Overall, precious metals showed a mixed trend.
