Gold and silver prices moved higher in domestic markets on Tuesday, September 22, as investors continued to track geopolitical tensions, crude oil prices and the outlook for US interest rates.
On the Multi Commodity Exchange (MCX), gold futures were trading 0.20% higher at ₹1,54,090 per 10 grams, while silver futures gained around 0.29% to ₹2,40,100 per kg at around 9:13 am. The moves came as precious metals remained supported by continued uncertainty in global markets.
Gold has remained sensitive to developments in West Asia, with investors closely watching the ongoing US-Iran tensions. Such uncertainty can increase demand for traditional safe-haven assets such as gold, although the metal has also been facing pressure from expectations that US interest rates could remain elevated for longer.
In the international market, spot gold was largely steady at around $4,344 per ounce, while US gold futures were trading near $4,382 per ounce. Investors are awaiting further signals from US Federal Reserve officials for clues about the future direction of monetary policy.
Retail gold prices continued to vary across Indian cities depending on purity and local market conditions.
In Delhi, 24-carat gold was priced at around ₹1,53,460 per 10 grams, while 22-carat gold stood at approximately ₹1,40,672. In Mumbai, 24-carat gold was around ₹1,51,410, with 22-carat gold at nearly ₹1,38,793 per 10 grams.
In Kolkata, 24-carat gold was available at about ₹1,53,520 per 10 grams, while 22-carat gold was around ₹1,40,727. Bengaluru recorded a 24-carat rate of nearly ₹1,53,730, while Hyderabad’s rate stood at about ₹1,53,970.
Chennai remained among the cities with higher retail rates, with 24-carat gold at around ₹1,54,170 per 10 grams and 22-carat gold at approximately ₹1,41,323.
The difference between 24-carat and 22-carat gold is mainly linked to purity. 24K gold is considered the purest form, while 22K gold is widely used for jewellery because it is harder and more durable.
Silver prices also remained firm. Retail 999-fine silver in Delhi was around ₹2,39,130 per kg, while Mumbai recorded nearly ₹2,30,420. Kolkata’s rate was around ₹2,39,230 per kg. Chennai recorded a higher rate of about ₹2,40,240 per kg.
Several factors are influencing the precious metals market. Geopolitical uncertainty remains an important factor, as investors often turn towards gold when concerns over global stability rise.
At the same time, crude oil prices have become an important market cue. Softer crude prices can ease inflationary pressure and reduce concerns around further monetary tightening, which can be supportive for bullion.
Market participants are also watching the US dollar and Treasury yields. A stronger dollar can make gold more expensive for buyers holding other currencies, while higher bond yields can reduce the appeal of non-interest-bearing assets such as gold.
According to market analyst Jateen Trivedi of LKP Securities, gold has been facing some profit booking as the dollar index moved above 100. However, weaker crude prices have provided support to bullion sentiment. He expects gold to remain range-bound but volatile in the near term.
Trivedi expects gold to trade in the $4,250-$4,450 range on COMEX and ₹1,51,000-₹1,56,000 on MCX, although actual prices could change depending on global developments and currency movements.
Gold and silver have both seen significant movements this year, reflecting changing expectations around interest rates, geopolitical risks and investor demand. Silver has also benefited from its industrial demand, adding another layer to its price movement.
MCX prices and international bullion rates are not the only factors that determine the final jewellery price. The rupee-dollar exchange rate, local taxes, making charges and jeweller margins can also affect the price paid by consumers.
With global markets remaining sensitive to US monetary policy, crude oil movements and West Asia developments, gold price today and silver price today are likely to remain closely watched by both investors and retail buyers.