Gold and silver prices showed a modest rise in early trading on Friday, with 24-carat gold gaining Rs 10 per 10 grams and reaching a price of Rs 77,900, according to the latest data from the GoodReturns website. Alongside gold, silver prices also experienced an increase, climbing Rs 100 per kilogram to settle at Rs 92,100. This uptick in precious metals comes amid fluctuating trends in the international market, where gold prices have struggled to maintain gains.
In the domestic market, the price of 22-carat gold also rose by Rs 10, with 10 grams of this version of the yellow metal now priced at Rs 71,410. The rise in gold prices follows a broader trend of modest price adjustments observed in the past few days.
Across various Indian cities, the price of 24-carat gold remained consistent. In major markets such as Mumbai, Kolkata, Bengaluru, Chennai, and Hyderabad, 10 grams of 24-carat gold is currently being sold at Rs 77,900. However, prices in Delhi were slightly higher, with 10 grams of 24-carat gold priced at Rs 78,050, reflecting a regional variation often influenced by local demand and supply conditions.
Similarly, the price of 22-carat gold has maintained parity in key cities across India. In Mumbai, Kolkata, Bengaluru, Chennai, and Hyderabad, the cost of 10 grams of 22-carat gold stands at Rs 71,410. In Delhi, however, there is a slight premium, with the price for 10 grams of 22-carat gold touching Rs 71,560, further highlighting regional price discrepancies.
Silver prices showed a more noticeable variation across the country. In Delhi, the price of one kilogram of silver is in line with Mumbai and Kolkata, priced at Rs 92,100 per kilogram. However, in Chennai, silver is priced significantly higher at Rs 1,01,100 per kilogram, a price disparity that has been observed in the past due to regional supply chains and local demand factors.
On the global stage, US gold prices held steady on Friday but remained on track for their second consecutive week of decline. As of 0022 GMT, spot gold was unchanged at $2,631.60 per ounce, having dropped by about 0.8% so far this week. This decline reflects a broader trend of volatility in the precious metals market, where gold has faced pressure despite global uncertainties.
Meanwhile, silver prices have shown resilience. Spot silver remained steady at $31.31 per ounce, continuing its upward trend for the week. However, other precious metals have not fared as well. Platinum, for example, dropped 0.3% to $935.99 per ounce, while palladium saw a slight rise of 0.3%, reaching $965.85 per ounce. Both platinum and palladium are on track for their second consecutive week of losses, driven by weaker demand and shifting market sentiment.
The attention of traders is now shifting towards upcoming economic data, with US payrolls data set to be released later on Friday. Market participants are keenly awaiting this data, as it could provide fresh insights into the US economy’s performance and potential impacts on monetary policy, further influencing precious metals prices in the coming weeks.
In summary, the domestic market for gold and silver has seen modest price increases, while international trends continue to reflect uncertainty. With gold and silver showing mixed performances globally, market observers are closely watching upcoming data that could shape the outlook for precious metals in the near term.
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