Gold and silver prices edged lower in Indian markets on Thursday, marking a cautious start to trading in the New Year. According to market data, the price of 24-carat gold slipped marginally by ₹10, with ten grams selling at ₹1,34,880 in major cities such as Mumbai and Kolkata. In Delhi, gold was priced slightly higher at ₹1,35,030 per ten grams, while Chennai continued to quote the highest rate at around ₹1,36,140.
The decline was also reflected in 22-carat gold prices, which eased by ₹10 to ₹1,23,640 per ten grams in cities including Mumbai, Kolkata, Bengaluru and Hyderabad. In Chennai, 22-carat gold was trading at about ₹1,24,790 per ten grams. Market participants said the minor correction follows a sharp rally seen towards the end of 2025, when gold prices hovered near record highs due to strong global demand and safe-haven buying.
Silver prices also weakened slightly. The metal fell by ₹100 per kilogram to trade at ₹2,38,900 in Delhi, Mumbai and Kolkata. Chennai once again reported higher prices, with silver quoted at around ₹2,56,900 per kilogram. Traders noted that silver, which saw significant gains last year driven by industrial demand and investor interest, is currently witnessing some profit-taking.
On the global front, precious metals traded lower in overseas markets as investors adjusted positions at the start of the year. International spot gold prices slipped marginally, while silver also moved off recent highs. Analysts said the dip is largely due to reduced trading volumes and cautious sentiment rather than any major shift in fundamentals.
For retail buyers, the current dip may offer limited relief, though prices continue to remain elevated compared to historical levels. Jewellers said demand is expected to pick up gradually as the wedding season approaches, which could provide support to prices in the coming weeks.
Experts believe the overall outlook for gold and silver remains positive in the medium to long term, supported by expectations of global economic uncertainty, central bank buying and steady investment demand. However, short-term price movements are likely to remain volatile as markets respond to global cues, currency movements and interest rate expectations.
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