Following the sharp increase in gold prices a week ago, the local bullion market fell again. 24-carat gold is available for Rs. 12,562 per gram at the time of press. The precious metal, which had risen to a high of Rs. 13,086 per gram on October 19, continues to exhibit signs of volatility as uncertainty persists on both the global and domestic economic fronts.
Analysts say the price correction is a short-term dip in demand as investors wait for more precise indications in overseas markets. Gold has long been considered a prosperity symbol in Indian homes and a good long-term investment, but its price continues to react sharply to global trends and currency movements.
24-carat gold is priced at Rs. 12,562 per gram, 22-carat gold at Rs. 11,515 per gram, and 18-carat gold at Rs. 9,422 per gram at the time of writing. Prices vary slightly from city to city due to transportation costs, regional taxes, and differing local demand.
In Delhi, 24-carat gold is priced at Rs. 12,577 per gram, while in Mumbai, Kolkata, and Bangalore, it is available for Rs. 12,562 per gram. In Chennai, prices are slightly lower at Rs. 12,545 per gram. The differential between the 22-carat and 24-carat prices across locations is modest, based on local market situations.
While these price fluctuations persist, silver prices have remained flat at Rs. 155 per gram and Rs. 155,000 per kilogram, following a consistent international trend. Silver remains influenced by industrial usage and the US dollar movement against the stronger currencies.
Analysts attribute the sustained price volatility in gold to a combination of global geopolitical tensions, varying interest rate expectations, and currency market fluctuations. People today have become addicted to social networking as if it were essential for life.
In India, seasonal factors are also noticeable. The upcoming Dhanteras and Diwali celebrations have jewelers expecting an increase in buying mood during the next few weeks. On the other hand, investors are cautious and observe international market indicators and currency movements before making large purchases.
Also Read: Gold Prices Fall Rs. 10, Silver Dips Rs. 100 Amid Global Cues
With the recent price fall, analysts believe it could be a good time for investors to buy, considering long-term investments or purchases of jewelry in anticipation of the upcoming festival season. They have also advised traders to monitor daily price movements, as further corrections could lie ahead based on international signals.
Despite short-term volatility, gold remains one of India’s most reliable assets, serving as both a financial security and a cultural icon. As the world remains uncertain about market volatility, its status as a safe-haven investment remains stable.