Gold prices in India and international markets took a breather on Wednesday, retreating from recent highs as investors engaged in profit-taking. The focus of market participants has now shifted to upcoming economic data from the United States, which could influence future price movements.
Domestic and International Market Decline
On the domestic front, February gold futures on the Multi Commodity Exchange (MCX) declined by Rs 633, or 0.46%, to settle at Rs 1,38,450 per 10 grams. This drop was primarily attributed to mild profit-booking following strong gains in recent trading sessions.
Mirroring the trend in India, prices in the global market also softened. Comex February gold futures fell by $21, or 0.47%, to $4,475.10 per ounce. Despite the dip, analysts noted that the precious metal was consolidating near its record levels.
Silver Also Follows Suit
The white metal, silver, witnessed a more pronounced correction. Comex silver futures were trading lower by $1.41, or 1.74%, at $79.63 per ounce. This decline came after silver prices rose as much as 1.91% earlier in the session, hovering near a record high of $82.58 per ounce. The metal had previously touched a lifetime peak of $82.67 per ounce on December 29.
Analyst Insight on the Trend
Commenting on the day's movement, Jigar Trivedi, Senior Research Analyst at Reliance Securities, said, “Gold fell to around $4,480 per ounce on Wednesday, pausing its two-day gains as investors looked past geopolitical risks and focused on upcoming US economic data.” This indicates a temporary shift in market sentiment from safe-haven demand to data-driven caution.
Gold Price in Major Indian Cities Today
Here is a look at the prevailing gold rates across key Indian cities for Wednesday:
- Delhi: 22K gold at Rs 12,800/gram; 24K gold at Rs 13,963/gram.
- Mumbai: 22K gold at Rs 12,785/gram; 24K gold at Rs 13,948/gram.
- Bangalore: 22K gold at Rs 12,785/gram; 24K gold at Rs 13,948/gram.
- Chennai: 22K gold at Rs 12,870/gram; 24K gold at Rs 14,040/gram.
- Ahmedabad: 22K gold at Rs 12,790/gram; 24K gold at Rs 13,953/gram.
- Hyderabad: 22K gold at Rs 12,785/gram; 24K gold at Rs 13,948/gram.
- Jaipur: 22K gold at Rs 12,800/gram; 24K gold at Rs 13,963/gram.
- Kolkata: 22K gold at Rs 12,785/gram; 24K gold at Rs 13,948/gram.
- Bhubaneswar: 22K gold at Rs 12,785/gram; 24K gold at Rs 13,948/gram.
The day's trading activity underscores a market in consolidation, where investors are balancing recent rallies with anticipation of new economic cues that will dictate the near-term trajectory for precious metals.
