Gold and silver prices fell sharply on Monday, with gold slipping below ₹1.55 lakh per 10 grams and silver dropping under ₹2.37 lakh per kg on the Multi Commodity Exchange (MCX), as traders booked profits after the recent rally and global cues turned weak.
The decline followed a cooling in bullish momentum after record highs earlier this month and was driven by a stronger US dollar, reduced expectations of immediate rate cuts and long unwinding in the futures market. Globally, bullion prices also eased, limiting fresh buying at higher levels.
In the physical market, 24-carat gold was quoted at around ₹1.56 lakh per 10 grams at the all-India level, while silver hovered near ₹2.46 lakh per kg.
Across major retail centres, gold prices moved in a narrow band with local variations. Delhi, Mumbai, Kolkata and Hyderabad reported 24-carat gold in the range of about ₹1.56 lakh to ₹1.57 lakh per 10 grams, while Chennai traded slightly higher, closer to the ₹1.57 lakh–₹1.58 lakh range. Silver prices were around ₹2.46 lakh per kg in Delhi, Mumbai and Kolkata, whereas Chennai and Hyderabad continued to quote higher rates of nearly ₹2.74 lakh per kg, reflecting regional demand and logistics costs.
Market participants said the fall was largely due to profit-booking after gold briefly approached the ₹1.80 lakh per 10-gram mark earlier this month. The softer US inflation data failed to trigger fresh upside as it lowered the urgency for aggressive monetary easing, supporting the dollar and weighing on non-yielding assets such as bullion.
Analysts view the current correction as technical in nature within a broader positive trend supported by central-bank buying, geopolitical uncertainties and long-term investment demand.
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