Gold Price dips Rs 50 to Rs 61,970 and Silver Rises Rs 200 to Rs 76,200: In the intricate tapestry of global financial markets, the dance of precious metals often holds a mirror to economic nuances. In a recent turn of events, the gold market experienced a subtle dip, with the price of 24-carat gold shedding Rs 50 in early Friday trade, settling at Rs 61,970 for ten grams. Simultaneously, the silver market defied this trend, witnessing a rise of Rs 200, positioning itself at Rs 76,200 per kilogram. As we unravel the dynamics of these fluctuations, this update explores the regional nuances in gold pricing across Indian cities
Gold Price Fluctuations in India
In the latest market update, the price of 24-carat gold witnessed a slight dip of Rs 50 in early Friday trading. As per the GoodReturns website, ten grams of this precious metal are now valued at Rs 61,970. Meanwhile, 22-carat gold also experienced a similar decline, with the yellow metal selling at Rs 56,800 in various Indian cities.
Regional Variances in Gold Prices
Across major cities like Mumbai, Kolkata, and Hyderabad, the price of ten grams of 24-carat gold remains consistent at Rs 61,970. However, regional variations are evident, with Delhi, Bengaluru, and Chennai recording prices of Rs 62,120, Rs 61,970, and Rs 62,550, respectively. The scenario is parallel for 22-carat gold, showcasing the dynamic nature of the gold market.
Silver Shines Amidst Gold’s Dip
While gold took a minor hit, silver experienced a positive upswing. Silver prices rose by Rs 200, with one kilogram of the precious metal now selling at Rs 76,200. Notably, the silver market exhibits variability across cities, with Chennai recording a higher price of Rs 79,200 per kilogram.
Global Influences on Precious Metal Prices
Delving into the global perspective, US gold prices edged higher, poised for a second consecutive weekly gain. This upward trend is attributed to a weaker US dollar and increasing market confidence that the Federal Reserve has concluded its interest rate hikes. Spot gold and US gold futures saw a 0.1% increase, reaching $1,993.96 per ounce and $1,994.70, respectively.
Precious Metal Futures Prediction Prices
As markets track these developments, spot silver gained 0.1%, reaching $23.69 per ounce, while platinum remained flat at $915.43. Palladium, on the other hand, rose by 0.1% to $1,047.28 per ounce. The Week in Review and Looking Ahead Summing up the week, bullion has witnessed a 0.7% increase, indicating resilience amidst market fluctuations. Investors keen on precious metals will be closely watching how these trends evolve in the coming days, considering both regional and global influences.