Delhi: The precious metals market in the national capital witnessed a mixed trend on Monday. Despite pressure in the overseas market, silver prices rose sharply due to strong buying by jewelers and stockists, while gold prices declined.
According to reports, silver prices in Delhi rose by ₹6,800 to ₹249,000 per kilogram. This rise in the market is primarily attributed to increased buying by local jewelers and stockists, which led to a sudden increase in demand.
In contrast, gold prices declined. According to the All India Sarafa Association, gold of 99.9 percent purity fell ₹2,000 to ₹152,800 per 10 grams (including all taxes) from Thursday’s closing level of ₹154,800 per 10 grams. This represents a decline of approximately 1.3 percent.
Experts say that the ongoing global uncertainties and international market signals are clearly impacting domestic gold prices.
Saumil Gandhi, Senior Commodity Analyst at HDFC Securities, noted that gold prices declined on Monday amid low trading volumes. He added that market participants are assessing the potential impact of rising energy prices and uncertainty surrounding US-Iran talks.
According to analysts, factors such as the international geopolitical situation, fluctuations in crude oil prices, and the strengthening dollar are directly impacting gold prices. Meanwhile, in the domestic market, silver is witnessing increased demand due to the festive and wedding season, leading to a rise in prices. Market experts believe that volatility in gold and silver prices may persist in the coming days. The balance between global signals and domestic demand will determine the future direction of prices.
This sharp rise in silver prices is considered significant for both investors and jewelry traders, while the decline in gold is being viewed as a temporary correction.
The market is currently focused on international developments and upcoming economic indicators, which could influence the direction of precious metals in the future.
