Gold prices held firm across major Indian cities on Tuesday. Silver prices, however, surged to fresh record highs. This movement comes amid global uncertainty and strong safe-haven buying interest.
Market Movements
The yellow metal eased slightly after scaling record highs. On the Multi Commodity Exchange (MCX), February gold futures slipped by Rs 196. This represents a decline of 0.14 percent. The price settled at Rs 1,41,836 per 10 grams.
In overseas markets, Comex gold fell by 0.33 percent. It was trading at USD 4,599.44 per ounce. Meanwhile, silver hovered near its record levels at USD 85.20 per ounce.
Silver's Sharp Rally
Silver prices continued their sharp rally. Silver futures on the MCX hit a new lifetime high. The March delivery contract reached Rs 2,72,202 per kg. This marks an increase of Rs 3,232, or 1.2 percent.
Over the past two trading sessions, silver prices have jumped significantly. They rose by Rs 19,477, which is a 7.7 percent gain. Analysts attribute this rally to geopolitical tensions in Iran. Uncertainty over the US Federal Reserve's policy stance is also a key factor, according to PTI reports.
In international markets, Comex silver traded near record levels. It was at USD 85.20 per ounce. The metal had crossed the USD 86 mark in the previous session. Strong safe-haven demand continues to support prices.
City-Wise Gold Prices
Here is a detailed look at gold prices in various Indian cities on Tuesday.
Delhi
Gold prices in Delhi stood at Rs 14,268 per gram for 24-karat gold. This is an increase of Rs 38. The price of 22-karat gold rose by Rs 35 to Rs 13,080 per gram. 18-karat gold increased by Rs 29 to Rs 10,705 per gram.
Mumbai
In Mumbai, 24-karat gold was priced at Rs 14,253 per gram. It rose by Rs 38. The 22-karat rate stood at Rs 13,065 per gram, up Rs 35. 18-karat gold rose by Rs 29 to Rs 10,690 per gram.
Chennai
Gold prices in Chennai were higher compared to other cities. The price of 24-karat gold rose by Rs 55 to Rs 14,368 per gram. 22-karat gold increased by Rs 50 to Rs 13,170 per gram. The 18-karat rate climbed by Rs 35 to Rs 10,980 per gram.
Ahmedabad
In Ahmedabad, 24-karat gold was priced at Rs 14,258 per gram. It increased by Rs 38. The 22-karat rate rose by Rs 35 to Rs 13,070 per gram. 18-karat gold increased by Rs 29 to Rs 10,695 per gram.
Hyderabad
Gold prices in Hyderabad stood at Rs 14,253 per gram for 24-karat gold. This is up by Rs 38. The 22-karat rate was Rs 13,065 per gram, up Rs 35. 18-karat gold rose by Rs 29 to Rs 10,690 per gram.
Bhubaneswar
In Bhubaneswar, 24-karat gold was priced at Rs 14,253 per gram. It increased by Rs 38. The 22-karat rate stood at Rs 13,065 per gram, up Rs 35. 18-karat gold increased by Rs 29 to Rs 10,690 per gram.
Kolkata
Gold prices in Kolkata matched most eastern markets. 24-karat gold was at Rs 14,253 per gram, up Rs 38. The 22-karat rate stood at Rs 13,065 per gram. 18-karat gold rose by Rs 29 to Rs 10,690 per gram.
Jaipur
In Jaipur, 24-karat gold was priced at Rs 14,268 per gram. It rose by Rs 38. The 22-karat rate rose by Rs 35 to Rs 13,080 per gram. 18-karat gold increased by Rs 29 to Rs 10,705 per gram.
Lucknow
Gold prices in Lucknow stood at Rs 14,268 per gram for 24-karat gold. This is an increase of Rs 38. The 22-karat rate saw a marginal rise of Rs 1 to Rs 13,046 per gram. 18-karat gold increased by Rs 29 to Rs 10,705 per gram.
Bengaluru
In Bengaluru, 24-karat gold was priced at Rs 14,253 per gram. It increased by Rs 38. The 22-karat rate stood at Rs 13,065 per gram, up Rs 35. 18-karat gold rose by Rs 29 to Rs 10,690 per gram.
Patna
Gold prices in Patna stood at Rs 14,258 per gram for 24-karat gold. This is up by Rs 38. The 22-karat rate increased by Rs 35 to Rs 13,070 per gram. 18-karat gold rose by Rs 29 to Rs 10,695 per gram.
Kanpur
In Kanpur, 24-karat gold was priced at Rs 14,268 per gram. It rose by Rs 38. The 22-karat rate rose marginally by Rs 1 to Rs 13,046 per gram. 18-karat gold increased by Rs 29 to Rs 10,705 per gram.
The overall trend shows gold maintaining its strength while silver experiences a remarkable surge. Investors are closely watching global developments for further cues.
