Gold and Silver Prices Fall in India as Stock Market Rally Reduces Safe-Haven Demand

Gold and silver prices in India declined on Friday as precious metals lost some of their safe-haven appeal amid a rally in domestic equity markets and a stronger rupee. Analysts attributed the fall to improved investor sentiment, which encouraged a shift away from bullion despite a modest recovery in international precious metal prices.

The benchmark gold rate in India stood at Rs 1,47,190 per 10 grams, while silver was priced at Rs 2,32,100 per kilogram, according to bullion market data. In the global market, gold traded 0.5 per cent lower at $4,190.21 per ounce, while silver slipped 0.5 per cent to $65.34 per ounce during early Singapore trading hours.

Among major Indian cities, Chennai recorded the highest 24-carat gold price at Rs 1,46,930 per 10 grams, followed by Hyderabad at Rs 1,46,740 and Bengaluru at Rs 1,46,620. Mumbai's 24-carat gold rate stood at Rs 1,46,500, Kolkata at Rs 1,46,310 and New Delhi at Rs 1,46,130 per 10 grams, reflecting only marginal regional differences.

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For 22-carat gold, Mumbai reported a price of Rs 1,34,292 per 10 grams, while New Delhi recorded Rs 1,33,953. Kolkata stood at Rs 1,34,118, Chennai at Rs 1,34,686, Bengaluru at Rs 1,34,402 and Hyderabad at Rs 1,34,512 per 10 grams, maintaining a similar trend across the country's major jewellery markets.

Silver prices also remained elevated despite the day's decline. Mumbai recorded a silver price of Rs 2,30,510 per kilogram, closely followed by New Delhi at Rs 2,30,120. Chennai traded at Rs 2,31,180 per kilogram, Hyderabad at Rs 2,30,880, Bengaluru at Rs 2,30,700 and Kolkata at Rs 2,30,210, indicating relatively stable pricing across key metropolitan centres.

Market experts said bullion prices continue to be influenced by a combination of global economic developments, currency movements and investor appetite for risk assets. While the strengthening rupee and firm equity markets reduced demand for traditional safe-haven investments on Friday, traders remain watchful of international monetary policy signals and geopolitical developments that could influence the direction of gold and silver prices in the coming sessions.

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