Gold prices recorded a downward trend on the first trading day of the week, Monday, February 16. In the national capital, Delhi, the price of 24-carat gold fell to ₹1,57,890 per 10 grams. Similarly, in Mumbai, the rate for 24-carat gold was recorded at ₹1,57,740 per 10 grams. According to market observers, the decline is attributed to shifting global economic indicators and local demand patterns in the bullion market.
Gold Rates Across Major Indian Cities
The prices of gold vary slightly across different metropolitan cities due to local taxes and logistics, while in Delhi, 22-carat gold is priced at ₹1,44,740 per 10 grams. In Mumbai, Chennai, and Kolkata, the rate for 22-carat gold stands at ₹1,44,590 per 10 grams, while 24-carat gold is trading at ₹1,57,740 per 10 grams. Similar price levels were observed in Pune and Bengaluru, where 24-carat gold reached ₹1,57,740 and 22-carat gold settled at ₹1,44,590 per 10 grams.
Background of Recent Market Fluctuations
This recent dip follows a significant correction observed last Friday. 5%, closing at ₹1,58,500 per 10 grams. Market data indicates that the precious metal has been experiencing volatility over the past few sessions. The movement in domestic prices is closely linked to international market developments, affecting both retail consumers and wholesale traders across the country.
International Market Trends and Projections
In the global arena, spot gold continues to trade above the $5,000 per ounce mark. According to a report by JP Morgan, the long-term outlook for gold remains significant, with projections suggesting that prices could reach $6,300 per ounce by the end of 2026. Factors such as global geopolitical conditions and continued gold accumulation by various central banks are cited as primary drivers for these international price benchmarks.
Silver Price Update and Global Benchmarks
Silver prices also witnessed a decline on the morning of February 16, with the metal trading at ₹2,74,900 per kg. 30 per ounce. 03% to reach ₹2,55,000 per kg. It's noteworthy that silver prices had crossed the historic ₹4,00,000 per kg mark earlier in January.
Industry Perspective on Consumer Demand
Ajoy Chawla, Managing Director of Titan Company, noted that despite the price volatility, consumer demand remains resilient. According to Chawla, customers are increasingly viewing price corrections as an entry point for purchases, mirroring the behavior of equity market investors. He emphasized that while price fluctuations persist, the underlying demand for gold, both for jewelry and investment purposes, continues to show strength in the domestic market.