Gold Prices Witness Broad-Based Corrections Across Indian Retail Markets
Gold prices experienced significant declines across major retail markets in India on Monday, with most cities reporting drops in both 22 carat and 24 carat rates. This pullback in physical markets occurs amid softer domestic trends, even as underlying bullion sentiment remains highly sensitive to global cues, particularly the ongoing Iran-Israel-US conflict.
Detailed City-Wise Gold Price Movements
Here is a comprehensive breakdown of how gold prices fared in key Indian cities:
- Delhi: In the national capital, 24 carat gold fell by Rs 2,570 to Rs 1,70,660 per 10 grams from Rs 1,73,230 earlier. 22 carat gold declined by Rs 2,350 to Rs 1,56,450 per 10 grams, compared with Rs 1,58,800 yesterday.
- Chennai: Chennai saw moderate losses, with 24 carat gold down by Rs 1,250 at Rs 1,70,840 per 10 grams, versus Rs 1,72,090 previously. 22 carat gold eased by Rs 1,150 to Rs 1,56,600 per 10 grams from Rs 1,57,750.
- Mumbai: Mumbai mirrored the northern trend as 24 carat gold dropped by Rs 2,570 to Rs 1,70,510 per 10 grams, against Rs 1,73,080 yesterday. 22 carat gold slipped by Rs 2,350 to Rs 1,56,300 per 10 grams from Rs 1,58,650.
- Kolkata: Kolkata recorded the sharpest correction among major metros. 24 carat gold plunged by Rs 3,280 to Rs 1,69,800 per 10 grams, down from Rs 1,73,080. 22 carat gold fell by Rs 3,000 to Rs 1,55,650 per 10 grams, compared with Rs 1,58,650 earlier.
- Hyderabad: Hyderabad tracked Mumbai’s movement, with 24 carat gold down by Rs 2,570 at Rs 1,70,510 per 10 grams from Rs 1,73,080, while 22 carat gold declined by Rs 2,350 to Rs 1,56,300 per 10 grams versus Rs 1,58,650.
- Bangalore: Bangalore stood out as the only major market to register gains. 24 carat gold rose by Rs 1,800 to Rs 1,70,510 per 10 grams from Rs 1,68,710. 22 carat gold advanced by Rs 1,650 to Rs 1,56,300 per 10 grams, up from Rs 1,54,650.
- Ahmedabad: Ahmedabad reported declines in line with broader trends. 24 carat gold slipped by Rs 2,570 to Rs 1,70,560 per 10 grams from Rs 1,73,130. 22 carat gold dropped by Rs 2,350 to Rs 1,56,350 per 10 grams compared with Rs 1,58,700.
- Patna: Patna quoted 24 carat gold at Rs 1,70,560 per 10 grams, down by Rs 2,570 from Rs 1,73,130. 22 carat gold was priced at Rs 1,56,350 per 10 grams after a Rs 2,350 fall from Rs 1,58,700.
- Jaipur: In Jaipur, 24 carat gold is retailing at Rs 17,066 per gram, down by Rs 257. 22 carat gold is priced at Rs 15,645 per gram after a Rs 235 decline.
- Bhubaneswar: Bhubaneswar markets quoted 24 carat gold at Rs 17,051 per gram, lower by Rs 257. 22 carat gold stood at Rs 15,630 per gram, down by Rs 235.
Factors Influencing the Market Correction
The decline in gold prices across most Indian cities is attributed to a combination of softer domestic demand and heightened global geopolitical tensions. The ongoing conflict involving Iran, Israel, and the United States has created volatility in international markets, impacting bullion sentiment. Despite this, the physical market in India is experiencing a pullback, reflecting local economic trends and investor caution.
This analysis highlights the intricate balance between domestic factors and global events in shaping gold price movements in India's retail markets.
