As Chhath Puja preparations gain momentum across the country, there's good news for those planning to buy gold and silver, while precious metal prices are showing a downward trend, sparking hopes of increased market activity. Gold has fallen considerably from its record highs, and silver's luster has also dimmed, presenting a favorable buying opportunity during this festive season. This dip is a welcome relief for consumers looking to invest or purchase jewelry.
Market Dynamics and Global Influences
Market experts attribute this decline in gold and silver prices to a combination of significant international and domestic factors, while on the global front, trade talks, particularly concerning tariffs involving the United States and other nations, have gained pace. Such geopolitical and trade developments often have a ripple effect on global commodity markets, influencing the demand and supply dynamics of precious metals. Domestically, investors are engaging in profit-booking at elevated price levels,. Meaning they're selling their gold holdings to secure gains. This increased supply in the market exerts downward pressure on prices, contributing to the current softening trend.
Silver's Subdued Shine
The price movements of gold in recent days have been quite notable. Just about ten days ago, gold set a new record, with 24-carat gold reaching an unprecedented ₹1,32,770 per kilogram. However, this upward momentum proved short-lived. Gold is now available at a discount of over 5 percent from that record high, a significant indicator for potential buyers. In the national capital, Delhi's bullion market, 24-carat gold saw. A marginal decline of ₹10 per 10 grams today (October 27th). While this drop might seem small, it reflects a shift in market sentiment. The day before, prices remained stable, but prior to that, gold had seen a surge of ₹115. The market experienced considerable volatility last week, with gold prices plummeting by a substantial ₹5,950 in just five trading days between October 20th and October 24th.
Following a similar trajectory to gold, silver prices have also lost some of their sheen. In Delhi, silver prices remained stable for two days, suggesting a halt in the decline, while however, this stability broke today, with prices softening once again. On October 27th, one kilogram of silver in Delhi is priced at ₹1,54,900, reflecting a minor dip of ₹100 per kilogram, while this recent dip follows a more substantial decline earlier. Before the two days of stability, silver prices had consistently fallen for four consecutive days, during which its value decreased by up to ₹17,000 per kilogram – a significant figure. Looking at other major metropolitan cities across the country, Mumbai and Kolkata are selling silver at the same rate as Delhi, ₹1,54,900 per kilogram, while however, silver prices in South India present a different picture, with Chennai demanding ₹1,69,900 per kilogram, making it the most expensive among these four major cities.
City-wise Gold Rates for Buyers
If you're planning to purchase jewelry or invest in gold during Chhath Puja, it's essential to know the prevailing rates in your city. There are slight variations in the prices of 22-carat (for jewelry) and 24-carat (for investment) gold across 10 major Indian cities. In Delhi, 24-carat gold is priced at ₹1,25,760 per 10 grams, and 22-carat gold at ₹1,15,290 per 10 grams. Mumbai and Kolkata share similar rates: 24-carat gold at ₹1,25,610 per 10 grams and 22-carat gold at ₹1,15,140 per 10 grams. Chennai, a major southern hub, sees 24-carat gold at ₹1,25,440 per 10 grams and 22-carat gold at ₹1,14,990 per 10 grams, while bengaluru and Hyderabad, both tech cities, mirror Mumbai and Kolkata's prices: 24-carat at ₹1,25,610 and 22-carat at ₹1,15,140 per 10 grams. Lucknow and Jaipur in North India align with Delhi's rates: 24-carat at ₹1,25,760 and 22-carat at ₹1,15,290 per 10 grams. Finally, Patna and Ahmedabad both offer 24-carat gold at ₹1,25,660. Per 10 grams and 22-carat gold at ₹1,15,140 per 10 grams. This widespread price softening presents an excellent opportunity for festive season purchases.
