Gold was trading at ₹1,53,190 per 10 grams on Friday, September 18, while silver climbed to ₹2,38,650 per kg as precious metal prices remained volatile amid changing global market conditions.
On the Multi Commodity Exchange (MCX), gold futures were down around 0.34% at ₹1,53,190 per 10 grams in early trade. Silver futures moved higher by around 0.24% to ₹2,38,650 per kg.
The movement in domestic gold and silver prices comes as investors continue to monitor the US dollar, crude oil, interest-rate expectations and geopolitical developments. These factors have a direct influence on international bullion prices and, in turn, domestic rates.
Gold has remained at elevated levels despite recent fluctuations. The precious metal continues to attract interest from investors looking for a hedge against uncertainty. At the same time, changes in the dollar and US bond yields can lead to sharp movements in gold prices.
Retail gold prices varied across major Indian cities on Friday. The rate of 24-karat gold, which represents the highest commonly traded purity, remained around the ₹1.52 lakh to ₹1.54 lakh range per 10 grams.
In New Delhi, 24K gold was priced at around ₹1,52,650 per 10 grams, while 22K gold stood at ₹1,39,929.
Mumbai recorded 24K gold at ₹1,52,910 per 10 grams and 22K gold at ₹1,40,168. Bengaluru saw 24K gold at ₹1,53,030 and 22K gold at ₹1,40,278.
Kolkata recorded 24K gold at ₹1,52,940 per 10 grams, with 22K gold at ₹1,40,195. Hyderabad’s 24K gold rate stood at around ₹1,53,380, while 22K gold was priced at ₹1,40,598.
Chennai recorded one of the higher retail rates, with 24K gold at around ₹1,53,590 per 10 grams and 22K gold at ₹1,40,791.
The difference between 24K and 22K gold is primarily due to purity. While 24K gold has the highest purity, 22K gold is widely used for jewellery because it is more durable.
Silver moved higher even as gold slipped in early trading. MCX silver futures rose around 0.24% to ₹2,38,650 per kg.
Retail silver prices also remained close to ₹2.38 lakh per kg in several major cities. New Delhi recorded 999-purity silver at around ₹2,37,810 per kg, while Mumbai was at ₹2,38,220.
Bengaluru recorded silver at around ₹2,38,410 per kg and Kolkata at ₹2,38,140. Hyderabad’s rate stood at ₹2,38,870, while Chennai recorded around ₹2,39,190 per kg.
Silver prices have gained attention because the metal is used not only as an investment asset but also extensively in industries. Electronics, solar panels and several other industrial applications depend on silver, making its price sensitive to expectations for global economic growth.
International gold prices also remained firm. Spot gold was trading around $4,346.65 an ounce, while US gold futures were lower at about $4,385.70 an ounce.
The US dollar remains an important factor for gold. When the dollar strengthens, gold can become more expensive for buyers using other currencies. A weaker rupee can also increase the domestic cost of imported gold, even when international prices remain relatively stable.
US interest-rate expectations are another major influence. Investors are assessing the Federal Reserve’s monetary policy outlook and its impact on bond yields and the dollar.
Higher interest rates and bond yields can reduce the appeal of gold because the metal does not generate interest. Expectations of lower rates, meanwhile, can support demand for bullion.
Crude oil prices have also been closely watched by Indian investors. Brent crude recently slipped after rising sharply earlier on concerns over supply disruptions.
Lower crude prices can provide some relief to India by reducing pressure on the country’s import bill and inflation. However, oil prices remain elevated, with geopolitical developments continuing to create uncertainty around global energy supplies.
Any fresh disruption to oil production or transportation could push crude prices higher and affect inflation expectations. Such developments could also influence demand for safe-haven assets such as gold.
Gold and silver prices are likely to remain sensitive to global market movements in the coming sessions. Investors will be watching the US dollar, Treasury yields, crude oil prices, interest-rate expectations and geopolitical developments.
Gold could continue to attract demand when uncertainty rises, while a stronger dollar or higher bond yields could put pressure on prices. Silver, meanwhile, could see additional movement depending on industrial demand and broader investor sentiment.
Domestic bullion prices are also influenced by currency movements. A weaker rupee can make imported gold and silver more expensive in India, adding to domestic prices.
Consumers should also remember that retail jewellery prices are different from quoted bullion rates. Taxes, making charges and other costs are added when purchasing jewellery.
With gold at ₹1,53,190 per 10 grams and silver climbing to ₹2,38,650 per kg, both precious metals remain closely watched by investors and consumers. The next moves in global markets, currency and commodity prices will determine whether the current volatility continues.