Gold and silver prices edged lower in the domestic market on Tuesday as weakness in international bullion prices weighed on sentiment. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold declined by ₹10 to ₹1,51,680 per 10 grams, while silver fell by ₹100 to ₹2,59,900 per kilogram.
The decline comes after precious metals witnessed a strong rally in recent sessions amid geopolitical uncertainties and expectations surrounding interest rate moves by major central banks. However, easing safe-haven demand and a firmer US dollar prompted some profit-booking in global markets, leading to a mild correction in prices.
In major Indian cities, retail gold rates remained largely stable despite the marginal fall in benchmark prices. In Delhi, 24-carat gold was quoted at around ₹99,100 per 10 grams, while 22-carat gold traded near ₹90,850. Similar price levels were seen in Mumbai, Kolkata, Chennai and Bengaluru, with minor variations due to local taxes and transportation costs.
Silver prices also remained under pressure across key markets. Analysts said industrial demand expectations continue to support the metal in the long term, but short-term movements are likely to be influenced by global economic indicators and currency fluctuations.
Market participants are closely watching upcoming US inflation and employment data for clues on the future path of interest rates. Any indication of delayed rate cuts by the US Federal Reserve could strengthen the dollar and limit gains in precious metals. Conversely, signs of economic weakness could revive demand for safe-haven assets such as gold and silver.
Despite the day’s decline, analysts remain constructive on gold’s medium-term outlook, citing continued central bank purchases, geopolitical risks and uncertainty over global economic growth. Demand from the domestic jewellery sector is also expected to remain supportive ahead of the upcoming festive and wedding seasons.
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