Gold and silver prices witnessed a mild decline in domestic markets on Friday as investors booked profits following a strong rally in recent sessions. Despite the pullback, market experts remain optimistic about the outlook for precious metals due to ongoing global uncertainties and strong safe-haven demand.
According to market data, gold prices fell by ₹10 to ₹1,56,100 per 10 grams in the national capital. Silver prices also declined by ₹100, with the metal trading at ₹2,79,900 per kilogram. The correction came after both metals recorded sharp gains earlier in the week amid heightened geopolitical concerns and expectations surrounding global interest rate trends.
Across major Indian cities, 24-carat gold continued to trade above ₹98,000 per 10 grams, while 22-carat gold remained above ₹90,000. Prices varied slightly depending on local taxes and demand conditions. Jewellery retailers reported steady consumer interest despite elevated prices, especially from buyers preparing for upcoming wedding and festive purchases.
Gold remains supported by uncertainty surrounding the global economy and geopolitical tensions in the Middle East. Investors continue to monitor developments related to the US-Iran situation, which has increased demand for safe-haven assets. At the same time, expectations that major central banks could move towards lower interest rates later this year have also strengthened sentiment for precious metals.
Market participants noted that while short-term profit booking may lead to occasional corrections, the broader trend for gold remains positive. International gold prices have stayed near record levels, supported by central bank purchases, a weaker dollar outlook and continued investor demand for defensive assets.
Silver, which often tracks gold’s movement, is also expected to remain supported due to strong industrial demand from sectors such as renewable energy, electric vehicles and electronics.