The precious metals market is undergoing a period of fluctuation, as gold and silver prices experienced a notable decline in early trade on Tuesday. The price of 24-carat gold dropped by Rs 100, reaching Rs 60,490 for ten grams. Simultaneously, the cost of silver fell by Rs 600, with one kilogram of the precious metal now trading at Rs 72,400.
The decline also impacted 22-carat gold, witnessing a decrease of Rs 90 and settling at Rs 55,450 for ten grams.
In key cities like Mumbai, Kolkata, and Hyderabad, the price of ten grams of 24-carat gold is uniform at Rs 60,490. However, variations exist in Delhi, Bengaluru, and Chennai, where the prices stand at Rs 60,640, Rs 60,490, and Rs 60,980, respectively.
Similarly, the price of ten grams of 22-carat gold in Mumbai is consistent with rates in Kolkata and Hyderabad, standing at Rs 55,450. In Delhi, Bengaluru, and Chennai, the prices for ten grams of 22-carat gold are Rs 55,600, Rs 55,450, and Rs 55,900, respectively.
The global market scenario also played a role in these fluctuations. US gold prices remained within a narrow range on Tuesday, as investors refrained from significant positions ahead of U.S. inflation data that could provide insights into whether the Federal Reserve is considering further interest rate hikes.
As of 0303 GMT, spot gold exhibited a flat trend at $1,945.45 per ounce. Simultaneously, US gold futures experienced a slight 0.1 per cent decline, reaching $1,949.50.
In contrast, spot silver showed a 0.2 per cent rise to $22.34 per ounce, while platinum gained 0.4 per cent, reaching $867.52. Palladium also climbed 0.7 per cent, settling at $988.43 per ounce.
In the Indian market, the pricing of one kilogram of silver in Delhi and Mumbai is currently at Rs 72,400, while in Chennai, it is trading slightly higher at Rs 75,400.
Investors and enthusiasts are closely monitoring these market fluctuations, awaiting further cues for potential shifts in the precious metals landscape.
