Gold prices declined across India on the first trading day of the week, while silver also witnessed a drop. Despite today’s fall, gold and silver have shown strength over the past week. Domestic rates softened amid global market cues, even as long-term outlook remains bullish.
Gold Trades Lower in India Despite Weekly Gains
New Delhi: Gold prices in India witnessed a decline on the first trading day of the week. In the domestic market, gold traded with a weak trend today. In Delhi, the price of 24-karat gold was recorded at ₹1,34,320 per 10 grams, while 22-karat gold was priced at ₹1,23,140 per 10 grams. After a rally in the past few sessions, investors engaged in profit-taking today, which clearly impacted prices.
Although a decline was recorded today, gold remains strong on a weekly basis. In the last week, the price of 24-karat gold increased by ₹260, while 22-karat gold became ₹250 more expensive. Experts believe that due to global uncertainties and the demand for safe-haven investments, gold may remain strong in the long term.
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Gold prices also saw slight pressure in the international market. Spot gold traded at $4,322.51 per ounce. Global dollar movements, interest rate signals, and central bank policies are influencing gold prices. Despite this, the long-term outlook for gold remains positive.
There was a slight difference in gold prices across major cities in the country. In Mumbai, Chennai, and Kolkata, 24-karat gold was priced at ₹1,34,170 per 10 grams and 22-karat gold at ₹1,22,990 per 10 grams. The same prices were recorded in Pune and Bengaluru. In cities like Jaipur, Lucknow, and Chandigarh, the price of 24-karat gold was ₹1,34,320 per 10 grams.
In Ahmedabad and Bhopal, the price of 22-karat gold was recorded at ₹1,23,040 and 24-karat gold at ₹1,34,220 per 10 grams. In Hyderabad, 22-karat gold was trading at ₹1,22,990 and 24-karat gold at ₹1,34,170 per 10 grams. Prices vary slightly across different cities due to taxes and making charges.
Gold prices fall in India as rally takes a pause, Silver also slips; Check rates here
The good news for investors is that the global outlook for gold remains strong. Goldman Sachs has projected that the price of gold could reach $4,900 per ounce by December next year. According to the report, several central banks around the world are continuously buying gold, which is strengthening demand.
Along with gold, silver prices also showed weakness today. On December 22, the price of silver fell to ₹2,13,900 per kilogram. In the international market, the spot price of silver was recorded at $65.85 per ounce. However, silver prices have increased by ₹16,000 in the past week.
So far this year, silver prices have increased by approximately 126 percent. Silver has performed exceptionally well due to industrial demand and increasing investor interest. According to experts, despite price fluctuations in the coming times, investor interest in precious metals is likely to remain strong.
