Gold prices have taken a slight dip on January 13, reversing the three-day streak of gains, as domestic demand weakened. The cost of 24-carat gold in key Indian markets dropped by ₹10 per 10 grams in early trade, trading at ₹79,630 per 10 grams. Global trends, including a strong US dollar, further impacted the local market, contributing to the decline in gold prices.
Spot gold fell by 0.13%, trading at $2,686 per ounce in early Asian trade, with the price fluctuating between $2,679 and $2,693 per ounce. Despite a rise of about 0.70% on Friday, which pushed gold prices above $2,690 an ounce, the metal faced headwinds due to robust US jobs data and uncertainties surrounding potential Federal Reserve rate cuts. A stronger US dollar on Monday dampened the appeal of safe-haven assets like gold.
Gold Prices in Major Indian Cities (January 13, 2024)
Delhi: 22K gold – ₹73,140 per 10 grams; 24K gold – ₹79,790 per 10 grams
Mumbai: 22K gold – ₹72,990 per 10 grams; 24K gold – ₹79,630 per 10 grams
Chennai: 22K gold – ₹72,990 per 10 grams; 24K gold – ₹79,630 per 10 grams
Kolkata: 22K gold – ₹72,990 per 10 grams; 24K gold – ₹79,630 per 10 grams
Silver Prices in India (January 13, 2024)
Silver prices saw a decline of ₹100, trading at ₹93,400 per kilogram in major Indian cities, reflecting a global drop of over 0.50%. The rise of the US dollar diminished the appeal of silver as a hedge against inflation. In early Asian trade, spot silver fell by 0.62%, trading at $30.21 an ounce, with prices fluctuating between $30.21 and $30.51 an ounce.
Delhi: ₹93,400 per kg
Mumbai: ₹93,400 per kg
Chennai: ₹100,900 per kg
Kolkata: ₹93,400 per kg
Weekly Price Comparison: Gold and Silver
Gold prices began the week on a weaker note, mirroring the global market trends influenced by a strong US dollar. Despite the decline, gold prices surged by ₹420 per 10 grams on January 10, following a rise in global markets. Similarly, silver prices saw a decline to start the week, although they had risen by ₹1,100 per kg on January 10.
| Date | 22K Gold (per 10g) | 24K Gold (per 10g) | Silver (per kg) |
|---|---|---|---|
| Jan 13 | ₹73,140 | ₹79,790 | ₹93,400 |
| Jan 11 | ₹73,000 | ₹79,640 | ₹93,500 |
| Jan 10 | ₹72,990 | ₹79,630 | ₹93,400 |
| Jan 9 | ₹72,610 | ₹79,210 | ₹92,400 |
| Jan 8 | ₹72,250 | ₹78,820 | ₹92,600 |
| Jan 7 | ₹72,150 | ₹78,710 | ₹91,400 |
| Jan 6 | ₹72,150 | ₹78,710 | ₹91,400 |
In conclusion, both gold and silver prices are under pressure due to a stronger US dollar, impacting the demand for these metals as safe-haven assets. Market participants will continue to monitor global trends, including the US dollar and interest rate developments, to assess the direction of prices in the coming days.
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