Gold and Silver Prices Today: From Delhi to the global market, how have gold and silver fared? Will prices fall ahead of the Fed's decision?
Gold and Silver News Today: Amidst tensions in the Middle East and a surge in crude oil prices, the domestic bullion market witnessed mixed and range-bound trading for gold and silver on Monday. According to data from the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold rose by a marginal Rs 80 to reach Rs 1,41,710 per 10 grams, up from the previous Rs 1,41,630.
Similarly, the price of 22-carat gold increased to Rs 1,29,806, while 18-carat gold was recorded at Rs 1,06,283 per 10 grams. Meanwhile, silver prices also saw a slight uptick of Rs 64, reaching Rs 1,94,479 per kilogram.
What are the gold and silver rates in Delhi?
In the national capital, Delhi, the bullion market saw a sharper rise in gold prices, driven by a global recovery and a weakening rupee. In Delhi, 24-carat gold (99.9% purity) strengthened by Rs 200 to reach Rs 1,46,300 per 10 grams.
According to local traders, the rupee fell by 29 paise against the US dollar, closing at 95.22 per dollar. This made the import of gold—which is paid for in dollars—more expensive, thereby providing support to domestic prices. Silver, however, remained steady at Rs 2,02,000 per kilogram following a decline over the previous three sessions.
In the international market, gold on COMEX was seen trading 0.57% higher at $4,030 per ounce, while silver rose by 0.26% to $54.09 per ounce. On COMEX, gold has successfully managed to hold its ground around the key support level of $4,000 per ounce.
Price fluctuations: What do the experts say?
According to market experts, investors are keeping a close watch on the US Federal Reserve's policy decision this week. Saumil Gandhi, Senior Analyst (Commodities) at HDFC Securities, notes that bullion prices have found support due to a recovery in global markets, weaker crude oil prices, and a decline in US bond yields.
Meanwhile, Praveen Singh of Mirae Asset Sharekhan stated that spot gold has seen a marginal gain, amid diplomatic talks and potential military options involving the US and Iran.
Furthermore, Jatin Trivedi, Vice President at LKP Securities, believes that—given concerns over inflation and uncertainty surrounding the US elections—gold on COMEX could trade within a range of $3,950 to $4,100 per ounce ahead of the Fed's decision.
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