Gold Prices Plummet in India as Global Markets See Sudden Uptick
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India's gold and silver prices continued their downward trend on Tuesday, with 24-karat gold experiencing a significant decline of ₹7,410 in Delhi. The price drop is a stark contrast to the international market, where gold prices rebounded by over 2% and reached a near one-month high. According to Reuters, spot gold prices climbed 3.7% to $4,837.16 per ounce. In India, major cities such as Delhi, Mumbai, Hyderabad, Bengaluru, and Chennai saw gold prices decline, with the 24-karat gold price in Delhi reaching ₹153,440 per 10 grams. Silver prices also eased, with Delhi seeing a decline of ₹500 for 100 grams. The key prices across cities are as follows: - Delhi: ₹153,440 (24-k gold, 10g), ₹140,670 (22-k gold, 10g), ₹31,690 (Silver, per 10g) - Bengaluru: ₹153,270 (24-k gold, 10g), ₹140,500 (22-k gold, 10g), ₹31,090 (Silver, per 10g) - Chennai: ₹152,280 (24-k gold, 10g), ₹139,600 (22-k gold, 10g), ₹31,390 (Silver, per 10g) - Hyderabad: ₹153,310 (24-k gold, 10g), ₹140,540 (22-k gold, 10g), ₹31,590 (Silver, per 10g) - Mumbai: ₹153,300 (24-k gold, 10g), ₹140,530 (22-k gold, 10g), ₹31,590 (Silver, per 10g) - Kolkata: ₹153,280 (24-k gold, 10g), ₹140,510 (22-k gold, 10g), ₹31,190 (Silver, per 10g) - Pune: ₹153,320 (24-k gold, 10g), ₹140,550 (22-k gold, 10g), ₹31,790 (Silver, per 10g) The sharp decline in gold prices in India comes after a record high of ₹1.8 lakh per 10 grams in major cities late January, driven by intense safe-haven demand amid global geopolitical tensions. The prices in cities like Mumbai, Chennai, and Hyderabad mirrored a similar pattern, with prices slipping modestly. The silver prices in Delhi, Mumbai, Chennai, and Hyderabad stood at ₹3,35,900, ₹3,65,900, ₹3,33,900, and ₹3,35,900, respectively, per kilogram on Monday.
