Buyers Get Relief After Massive Weekly Surge (Img: Envato)
New Delhi: Buyers looking to purchase gold and silver received a major relief on Monday as precious metal prices witnessed a decline after a sharp rise over the past week. On the second Monday of Sawan (August 10), both 22-carat and 24-carat gold rates dropped across major Indian cities, including Delhi, Mumbai, and Chennai.
The fall in prices has brought some relief for customers planning jewellery purchases ahead of the festive and wedding season.
In Delhi, the price of 24-carat gold declined to around ₹1,52,540 per 10 grams, while 22-carat gold was trading at nearly ₹1,39,840 per 10 grams.
In Mumbai and Kolkata, 24-carat gold was recorded at around ₹1,52,340 per 10 grams, while 22-carat gold stood near ₹1,39,640 per 10 grams.
Meanwhile, Chennai witnessed 24-carat gold prices at approximately ₹1,51,630 per 10 grams.
Although prices eased on Monday, the overall trend remained bullish during the previous week. Gold witnessed a significant rise, with 24-carat gold gaining nearly ₹8,180 per 10 grams and 22-carat gold increasing by around ₹7,600 per 10 grams.
Market experts said global factors continue to influence domestic gold prices. Spot gold prices in the international market remained around $4,336 per ounce, impacting the Indian bullion market.
Silver prices also slipped after recording strong gains last week. The price of silver fell to around ₹2,44,900 per kilogram on Monday.
The white metal had witnessed a jump of nearly ₹10,000 per kilogram during the previous week. In the global market, spot silver prices were trading near $63.29 per ounce.
The temporary decline in prices may provide an opportunity for buyers, especially those planning jewellery purchases. However, experts suggest keeping an eye on global market movements, currency fluctuations and upcoming economic developments before making major investments.
