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Gold prices fell in major Indian cities on Saturday, bringing some cheer for buyers as the precious metal reached its peak recently. However, the prices were still quite high, with positive signals from the international front and stable domestic demand.
According to the latest market rates, 24-karat gold was priced at Rs. 15,235 per gram in Mumbai, Kolkata, and Hyderabad. The rate for 22 karat gold stood at Rs. 13,965 per gram, while 18 karat gold traded at Rs. 11,426 per gram.
Chennai continued to report higher rates than other metropolitan markets. 24 karat gold was tagged at Rs. 15,437 per gram, while 22 karat and 18 karat gold were priced at Rs. 14,150 and Rs. 11,810 per gram, respectively.
Silver prices remained unchanged at Rs. 2,75,000 per kilogram.
Jewelers said Chennai continued to see strong jewelry demand, especially from wedding-season buyers. Traders added that local demand and regional pricing factors kept bullion rates higher than those in other cities.
Market participants suggest that retail purchases have remained steady despite elevated gold prices.
According to analysts, uncertainty in global financial markets is affecting gold prices. Inflation fears, geopolitical concerns, and interest rate hikes by major central banks have led to an increase in demand for gold. Another important factor affecting local gold prices is currency movements, as India is a major importer of the yellow metal.
Experts believe that robust buying by central banks and rising investments in gold funds have also pushed prices higher.
Also Read: Gold Prices Today: MCX Gold Rose Even as Oil Prices Gained Over 1%
Despite the volatile nature of the international market of commodities, silver was stable in Saturday’s market. Traders were expecting constant demand for the precious metal before the onset of festivals and the marriage season.
Gold traders expected prices to react strongly to economic developments in the international market. Buyers who intend to buy gold for ornamentation or investment will need to consider the fluctuating prices.
