Gold and silver prices showed mixed movement in the domestic market on Friday, with gold edging lower and silver recording a small gain in early trade.
The price of 24-carat gold slipped by ₹10 to ₹1,43,610 per 10 grams. Similarly, 22-carat gold declined by ₹10 and was quoted at ₹1,31,640 per 10 grams. Prices remained largely stable across major Indian cities, with only minor variations. In Delhi, 24-carat gold was priced at around ₹1,43,760 per 10 grams, while Chennai saw slightly higher rates at close to ₹1,44,990.
Silver prices, however, moved in the opposite direction. The white metal gained ₹100 to trade at ₹2,95,100 per kilogram in major markets such as Mumbai, Delhi, and Kolkata. Chennai continued to quote higher silver prices at around ₹3,10,100 per kilogram.
Market analysts said the mild fall in gold prices was largely due to profit booking after recent record levels. The strength of the US dollar and strong economic data from the United States also weighed on sentiment. These factors have lowered expectations of an early interest rate cut by the US Federal Reserve, making gold less attractive in the short term.
In the international market, spot gold prices eased slightly in early Asian trade but continued to stay near recent highs. Silver prices overseas remained volatile but held firm after strong gains earlier in the week, supported by industrial demand and safe-haven buying.
Other precious metals also saw some pressure. Platinum prices declined by nearly 2 per cent, while palladium slipped by about 1 per cent, indicating a broader correction in metal prices.
Looking ahead, experts expect gold and silver prices to remain range-bound in the near term. Global economic data, movements in the US dollar, and signals from central banks will continue to influence the direction of precious metal prices.