Gold prices in India remained largely steady on Wednesday, with only marginal increases across major cities, while silver witnessed a small uptick. Market participants are keeping a close watch on global geopolitical developments and the US Federal Reserve’s upcoming policy announcement, which could influence precious metal trends.
On the domestic front, 22‑carat gold traded between ₹1,58,090 and ₹1,58,100 per 10 grams in Delhi. Mumbai recorded a slightly higher range of ₹1,58,200 – ₹1,58,210. Prices for 24K gold ranged from ₹1,72,000 – ₹1,72,010 in Delhi and ₹1,72,120 – ₹1,72,130 in Mumbai. 18K gold hovered near ₹1,29,000 – ₹1,29,010 in Delhi and ₹1,29,100 – ₹1,29,110 in Mumbai.
Silver prices also saw a modest rise, trading between ₹2,75,100 – ₹2,75,200 per kilogram in Delhi, ₹2,75,150 – ₹2,75,250 in Mumbai, ₹2,75,050 – ₹2,75,150 in Kolkata, and ₹2,75,100 – ₹2,75,200 in Chennai.
Experts attribute these movements to a combination of factors. Geopolitical tensions in the Middle Eas, including conflicts involving Israel, the US, and Iran, have kept safe-haven demand for gold and silver elevated. Meanwhile, crude oil prices crossing the $100 per barrel mark due to supply concerns in the Strait of Hormuz have added inflationary pressure, further supporting bullion.
Despite these drivers, gains were modest as investors remain cautious ahead of US monetary policy signals. Analysts note that higher interest rates could reduce the appeal of non-yielding assets like gold, while silver’s dual role as an industrial and investment metal makes it more sensitive to market sentiment.