New Delhi, February 4 – The Indian bullion market witnessed a downward trend for the second consecutive day, as both gold and silver prices declined today. The price of 24-carat gold dropped by ₹400 to ₹440 per 10 grams, bringing the price range between ₹84,040 and ₹84,190 per 10 grams in most major markets across the country. Similarly, 22-carat gold was trading in the range of ₹77,040 to ₹77,190 per 10 grams.
Not just gold, but silver prices also declined, with the precious metal now trading at ₹99,300 per kilogram in the Delhi bullion market. The sudden dip in prices has caught traders’ attention, impacting the buying sentiment among investors and jewelry buyers.
City-Wise Gold Prices in India
The price of gold fluctuates based on market demand and international gold rates. Here’s how gold prices varied across major Indian cities today:
Delhi
- 24-carat gold – ₹84,190 per 10 grams
- 22-carat gold – ₹77,190 per 10 grams
Mumbai
- 24-carat gold – ₹84,040 per 10 grams
- 22-carat gold – ₹77,040 per 10 grams
Ahmedabad
- 24-carat gold – ₹84,090 per 10 grams
- 22-carat gold – ₹77,090 per 10 grams
Chennai
- 24-carat gold – ₹84,040 per 10 grams
- 22-carat gold – ₹77,040 per 10 grams
Kolkata
- 24-carat gold – ₹84,040 per 10 grams
- 22-carat gold – ₹77,040 per 10 grams
Lucknow
- 24-carat gold – ₹84,190 per 10 grams
- 22-carat gold – ₹77,190 per 10 grams
Patna
- 24-carat gold – ₹84,090 per 10 grams
- 22-carat gold – ₹77,090 per 10 grams
Jaipur
- 24-carat gold – ₹84,190 per 10 grams
- 22-carat gold – ₹77,190 per 10 grams
Apart from these major markets, states such as Karnataka, Telangana, and Odisha also witnessed a price dip. In their respective capitals Bengaluru, Hyderabad, and Bhubaneswar, the 24-carat gold rate stood at ₹84,040 per 10 grams, while 22-carat gold was priced at ₹77,040 per 10 grams.
Silver Prices Drop Amid Market Weakness
The silver market also reflected weakness, as the price of the metal dropped further, reaching ₹99,300 per kilogram in Delhi’s bullion market. The decline in silver prices is being closely watched by investors, as it may signal a shift in global precious metals trading trends.
Why Are Gold and Silver Prices Falling?
Several factors contribute to the fluctuation in gold and silver prices, including:
🔹 Global Market Trends – The international gold and silver markets have been experiencing volatility, impacting prices in India.
🔹 US Dollar Strength – A stronger US Dollar index often results in lower gold prices, as gold becomes costlier for other currency holders.
🔹 Interest Rate Speculations – Any potential hikes in US Federal Reserve interest rates can reduce demand for gold as an investment.
🔹 Domestic Demand and Supply – Seasonal fluctuations in demand from jewelers and investors can also affect gold rates.
What This Means for Buyers & Investors
For gold buyers, this price drop presents a buying opportunity, especially for those looking to invest in gold jewelry, coins, or bars. With wedding season approaching, many customers might see this as a favorable time to purchase gold before prices potentially rise again.
For investors, it’s crucial to keep an eye on global economic indicators, market trends, and central bank policies before making any major investment decisions in bullion.
Final Thoughts
The fall in gold and silver prices for the second consecutive day has caught the attention of traders, investors, and consumers alike. While some may see this as an opportunity to buy, others are monitoring the market carefully for further trends.
With ongoing global economic uncertainties and fluctuating interest rates, the coming days will be crucial in determining the next movement of gold and silver prices in India.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
