Gold Falls on Weak Demand, Silver Rebounds: Check Rates in Your City

Gold prices in India declined on Wednesday amid subdued domestic demand, while silver prices recovered following recent corrections as investors returned for value buying. According to bullion market data, the benchmark gold price stood at Rs 1,42,950 per 10 grams, while silver traded at Rs 2,28,770 per kilogram. Analysts said softer buying in the domestic market weighed on gold, whereas silver attracted renewed interest after witnessing a sharp decline in recent weeks.

In the international market, spot gold slipped 0.7% to $3,980.03 per ounce during trading in Singapore as the Bloomberg Dollar Spot Index strengthened by 0.2%, making the precious metal relatively more expensive for overseas buyers. Silver also eased 1.4% to $57.77 per ounce after experiencing a steep 22% decline during the second quarter of the year. Market participants continue to monitor global currency movements, inflation expectations and interest rate signals for further direction in bullion prices.

Among major Indian cities, Chennai recorded the highest 24-carat gold price at Rs 1,43,110 per 10 grams. Hyderabad followed at Rs 1,42,920, while Bengaluru reported Rs 1,42,810. Mumbai's gold price stood at Rs 1,42,700 per 10 grams, Kolkata recorded Rs 1,42,510 and Delhi reported Rs 1,42,450. The figures indicate that southern markets continued to command a premium over northern cities, with Chennai remaining the costliest among the major metropolitan centres.

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Silver prices also varied slightly across the country. Mumbai recorded a rate of Rs 2,28,350 per kilogram, while Delhi was close behind at Rs 2,27,960. Chennai reported the highest silver price among the major cities at Rs 2,29,020 per kilogram, followed by Hyderabad at Rs 2,28,720 and Bengaluru at Rs 2,28,530. Kolkata registered silver at approximately Rs 2,28,050 per kilogram, reflecting relatively narrow regional price differences.

Market experts attributed the weakness in gold to subdued buying sentiment in the domestic market, while silver benefited from bargain hunting after its recent correction. The movement in global bullion prices, fluctuations in the US dollar and investor expectations regarding monetary policy continue to influence domestic precious metal rates. Demand from jewellers and retail consumers is also expected to play a significant role in determining price trends in the coming days.

Gold and silver prices in India are influenced by several factors, including international market movements, currency exchange rates, import duties, taxes and local demand. As a result, prices can differ slightly across cities because of transportation costs and regional levies. Investors and buyers are advised to monitor daily bullion rates before making purchase or investment decisions, particularly during periods of heightened market volatility.

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