Gold Prices Drop in Bullion Market, Silver Shines with ₹1,200 Surge
Gold Sees a Dip While Silver Gains Momentum
New Delhi, March 7 – The domestic bullion market witnessed a decline in gold prices today, while silver surged by ₹1,200 per kilogram, reflecting a mixed trend in the precious metals segment.
Gold became cheaper by ₹470 to ₹510 per 10 grams, pushing 24-carat gold prices to trade in the ₹87,480–₹87,630 per 10 grams range in most major bullion markets. Meanwhile, 22-carat gold is currently priced between ₹80,190 and ₹80,340 per 10 grams.
In contrast, silver prices soared, reaching ₹99,100 per kilogram in the Delhi bullion market, marking a significant gain for the precious metal.
Gold Prices Across Major Indian Cities
The decline in gold prices was observed across major metropolitan and financial hubs, with key cities recording notable fluctuations.
City-Wise Gold Prices (Per 10 Grams):
| City | 24-Carat Gold Price (₹) | 22-Carat Gold Price (₹) |
|---|---|---|
| Delhi | 87,630 | 80,340 |
| Mumbai | 87,480 | 80,190 |
| Ahmedabad | 87,530 | 80,240 |
| Chennai | 87,480 | 80,190 |
| Kolkata | 87,480 | 80,190 |
| Lucknow | 87,630 | 80,340 |
| Patna | 87,530 | 80,240 |
| Jaipur | 87,630 | 80,340 |
| Bengaluru | 87,480 | 80,190 |
| Hyderabad | 87,480 | 80,190 |
| Bhubaneswar | 87,480 | 80,190 |
The price dip in gold comes amid fluctuations in global gold prices and domestic demand trends, making it an opportune moment for buyers looking to invest in the yellow metal.
Silver Prices Surge Amid Bullion Market Volatility
While gold prices declined, silver gained momentum, registering a sharp increase of ₹1,200 per kg. The Delhi bullion market recorded silver trading at ₹99,100 per kg, marking a strong upward trend.
The rise in silver prices is attributed to:
- Increased industrial demand, particularly in electronics and renewable energy sectors.
- Global economic uncertainties, driving safe-haven buying in silver.
- Fluctuating US dollar index, influencing metal prices.
With silver continuing its bullish trend, investors are keeping a close watch on future price movements.
Market Trends: Why Gold Prices Declined?
1. Global Gold Price Movements:
- International gold prices witnessed a slight correction, impacting domestic rates.
- US Federal Reserve’s monetary policy stance has influenced market sentiment.
2. Domestic Demand Dynamics:
- Gold demand has slightly weakened post-wedding season purchases.
- Investors are waiting for further price corrections before making fresh purchases.
3. Stronger Rupee Against the Dollar:
- A firmer Indian rupee has made imported gold cheaper, contributing to the decline in local gold prices.
While gold has seen a short-term dip, experts believe that long-term demand remains robust, especially with the festive season and wedding demand picking up later in the year.
Investment Outlook: Should You Buy Gold Now?
With gold prices seeing a temporary decline, investors may consider buying opportunities before the market stabilizes.
Key Takeaways for Investors:
- Gold remains a safe-haven asset, and long-term investors should view this dip as a buying opportunity.
- Silver’s strong momentum indicates continued demand in industrial and investment sectors.
- Market experts predict that gold prices may rebound in the coming weeks, driven by global economic factors and festive demand 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.
