Gold prices in the Indian bullion market recorded a notable decline on the morning of March 23. Prices of precious metals have moved lower across major metropolitan cities, including the national capital, Delhi. According to official market data, the price of 24-carat gold in Delhi has dropped to ₹146110 per 10 grams. Over the past week, both gold and silver have undergone a continuous correction, leading to Notably lower rates in the domestic market.
Market statistics indicate that 24-carat gold has become cheaper by ₹13690 within a single week, while 22-carat gold prices have receded by ₹12550.42%. Pressure on precious metals is also being observed at the international level, directly impacting Indian market sentiments.
Gold Rates in Delhi and Other Metros
In Delhi, the current price for 24-carat gold stands at ₹146110 per 10 grams, while 22-carat gold is priced at ₹133940 per 10 grams. In other major cities such as Mumbai, Chennai, and Kolkata, 22-carat gold is trading at ₹133790 per 10 grams. The price for 24-carat gold in these cities is recorded at ₹145960 per 10 grams. Similar trends were observed in Pune and Bengaluru, where 24-carat and 22-carat gold are priced at ₹145960 and ₹133790 per 10 grams, respectively.
Significant Correction in Silver Prices
Following the trend in gold, silver prices have also remained on a downward trajectory. As of the morning of March 23, the price of silver was recorded at ₹244900 per kilogram. Within one week, the value of silver has decreased by a substantial ₹30000 per kilogram. Although silver saw a marginal increase of ₹1800 on Friday in the Delhi market to reach ₹240500, it remains Importantly lower on a weekly basis. 00 lakh per kg mark in January this year.
International Market Trends and Spot Prices
Volatility persists in the global precious metals market. 54 per ounce. 18 per ounce. Despite escalating geopolitical tensions in West Asia involving Israel, the US, and Iran—factors that typically drive gold prices higher as a safe-haven asset—the metal continues to face downward pressure globally.
Factors Influencing the Current Market Decline
According to market reports and official observations, several macroeconomic factors are driving this downward trend. Concerns over rising inflation and the hawkish stance of global central banks regarding policy rates are keeping prices under pressure. Also, the surge in international crude oil prices and the strengthening of the US Dollar have reduced the appeal of gold. Global signals favoring the dollar have kept precious metals trading in a subdued range.