Gold prices in the domestic bullion market slipped marginally on Monday, tracking subdued local demand even as international rates moved sharply higher on fresh global uncertainties. The price of 24-carat gold fell by ₹10 to ₹1,59,270 per 10 grams, while silver declined by ₹100 to ₹2,74,900 per kilogram in early trade.
The 22-carat variant also witnessed a similar drop, easing to ₹1,45,990 per 10 grams. Across major metros, gold prices remained largely aligned, with Mumbai and Kolkata quoting 24-carat gold at ₹1,59,270, while Chennai continued to trade at a premium. Silver prices were mostly uniform across key cities, though Chennai again recorded higher levels.
The mild correction in domestic retail prices comes at a time when global bullion is witnessing strong buying interest. In international markets, gold climbed close to the $5,200-per-ounce mark, supported by a rush towards safe-haven assets after the US Supreme Court struck down sweeping tariff measures. The development has created uncertainty around future trade policy and boosted investor appetite for precious metals.
Silver outperformed gold in global trade, jumping nearly 5%, aided by a combination of safe-haven demand and optimism around its industrial consumption outlook.
Market participants said the divergence between local and global prices reflects currency movements, import cost dynamics and the timing of domestic price adjustments rather than a change in the broader trend. The underlying sentiment for bullion continues to remain positive due to geopolitical risks and trade-related volatility.
However, analysts advise investors to avoid aggressive buying at current elevated levels. With prices near record highs, a staggered buying strategy on corrections is seen as a more prudent approach for long-term investors.
Going ahead, the direction of gold and silver will largely depend on the movement of the US dollar, clarity on trade policy and global risk sentiment, while domestic prices will also be influenced by rupee trends and physical demand conditions.