Gold prices slipped marginally on Saturday as domestic bullion markets reacted to mixed global cues and profit booking after a strong rally earlier this week. Silver prices, however, remained firm across major cities.
Traders said cautious investor sentiment and movement in the US dollar kept pressure on bullion prices. Global uncertainty and expectations around US Federal Reserve rate decisions continued to support the broader market trend.
Retail gold rates declined slightly in Delhi, Mumbai, Chennai, Kolkata, and Bangalore. The rate for 24-carat gold remained over Rs. 15,000 per gram in many places, and there were marginal corrections even in 22-carat and 18-carat gold.
The jewelers attributed the fluctuations to international trends and to reduced retail demand following a price hike. There was cautious purchasing despite consistent demand during the wedding season.
There were variations in rates across cities owing to local levies, transportation costs, and jewelers’ profit margins.
Bullion futures traded on the Multi-Commodity Exchange (MCX) saw a stable trend after a volatile run in the last few days. The silver futures saw strong gains in recent sessions.
Gold prices in the international market remained strong, with occasional corrections during some trading sessions. It was pointed out that lower US Treasury interest rates, lower inflation, and the safe-haven effect helped keep bullion prices steady in the international market.
International silver prices were also steady due to industrial demand and continued investment.
Also Read: Gold Price Today: Precious Metal Declines to Rs. 15,235 Across India Amid Global Uncertainty
According to the commodity analysts, bullion prices may remain volatile over the next few days due to geopolitical developments and movements in the international market. Bullion prices might stay steady due to central bank purchases and investor investments.
According to commodity analysts, before investing in bullion, investors should track MCX and international bullion trends. Recent trends show that global economic developments continue to strongly influence bullion markets.