Gold prices witnessed another significant decline in the domestic market on Monday, while silver rates also dropped amid fluctuations in global bullion prices and a strengthening Indian rupee.
According to the All India Sarafa Association, the price of 99.9% pure gold fell by ₹1,400 per 10 grams in New Delhi to ₹1,53,000. In the previous trading session on Friday, the metal had closed at ₹1,54,400 per 10 grams.
Silver prices also declined by ₹2,000 per kilogram to ₹2,26,500, inclusive of all taxes. In the previous session, silver had closed at ₹2,28,500 per kilogram.
Why Are Gold Prices Falling?
According to a PTI report, Saumil Gandhi, a commodity analyst at HDFC Securities, attributed the decline in domestic gold prices to weakness in the global bullion market and the strengthening of the Indian rupee.
The rupee strengthened by 96 paise against the US dollar on Monday, closing at ₹95.75. This marked its biggest single-day gain in more than six months, following several measures taken by the Reserve Bank of India to support the domestic currency.
Meanwhile, Gaurav Garg, Head of Research at brokerage platform Lemonn, said international gold prices had fallen to around $4,179 per ounce despite lower crude oil prices.
He also noted that the US Dollar Index was hovering near an 18-month high, limiting the potential for further gains in precious metals.
Crude oil prices declined amid expectations of increased energy supplies from Russia, easing immediate supply concerns. However, fresh tensions in West Asia and risks to regional maritime transportation continued to contribute to volatility in oil prices.
What Are Today’s Gold Rates?
Gold prices varied across cities on Monday. According to the rates cited in the report, the prices were as follows:
- 24-carat gold: ₹1,49,800 to ₹1,50,980 per 10 grams.
- 22-carat gold: ₹1,37,300 to ₹1,38,400 per 10 grams.
In New Delhi, 24-carat gold was priced at ₹1,49,810 per 10 grams, while 22-carat gold was available at ₹1,37,330 per 10 grams.
In Mumbai, 24-carat gold was quoted at approximately ₹1,55,317 per 10 grams, while 22-carat gold was priced at ₹1,42,985 per 10 grams.
Buyers Advised to Check Local Rates
Buyers should note that the quoted prices do not include the 3% Goods and Services Tax (GST) or jewellery-making charges. Actual prices may vary depending on the city, jeweller and applicable charges.
Consumers are advised to check the latest rates with local jewellers before purchasing gold or silver.