The gold rates recorded a steady performance in key Indian cities on Sunday, as reported by market resources. In Chennai, a gram of 24-carat gold costs approximately Rs. 13,528, while that of 22-carat and 18-carat gold is retailed at Rs. 12,400 and Rs. 10,345, respectively.
In Mumbai, a gram of 24-carat, 22-carat, and 18-carat gold costs Rs. 13,418, Rs. 12,300, and Rs. 10,064, respectively. The Delhi market also recorded steady performances. A gram of 24-carat gold was priced at Rs. 13,433, 22-carat gold at Rs. 12,315, and 18-carat gold at Rs. 10,079. The bullion market at Kolkata tracked similar patterns, with a gram of 24-carat, 22-carat, and 18-carat gold.
Silver rates also showed a similar trend. In the central Indian cities like Chennai, Mumbai, Delhi, and Kolkata, silver was generally priced at about Rs. 1,990 for 10 grams. The total national average for silver per kilogram was approximately Rs. 2,26,000 during the same period.
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Analysts attribute the relative calm in gold markets to a set of global factors: expectations surrounding US interest rates and currency fluctuations, as well as a natural decline in demand following the initial December peaks.
Experts believe that even though gold has cooled off from its initial peaks, after Christmas markets are likely to see erratic fluctuations depending on how global markets react to macro-economic signals.
For someone looking to buy jewelry or an investor tracking precious metals, today's rates preview what could happen as the latter half of the year gets underway. Buyers are advised to look up the rates charged by local jewelry stores.