Gold Price Today: Gold Rates Surge, Silver Prices Witness Decline

The Indian bullion market witnessed a mixed trend in precious metal prices on Wednesday, February 11. While gold prices continued their upward trajectory, silver rates experienced a notable decline. In the national capital, Delhi, the price of 24-carat gold surged to ₹158940 per 10 grams. This movement reflects the ongoing volatility in international markets and shifting domestic demand patterns during the current trading session.

43 dollars per ounce, maintaining a strong position. 16 dollars per ounce. These global benchmarks serve as the primary drivers for retail pricing across various Indian states, adjusted for local duties and taxes.

Gold Rates Across Major Metropolitan Cities

Price variations were observed across major Indian metros due to localized factors. In Delhi, 24-carat gold is priced at ₹158940 per 10 grams, while 22-carat gold stands at ₹145710. In Mumbai, Chennai, and Kolkata, the rate for 24-carat gold is slightly lower at ₹158790 per 10 grams. The 22-carat variant in these cities is currently trading at ₹145560 per 10 grams, indicating a uniform trend across these key commercial hubs.

Regional Price Trends in Other Urban Centers

In cities like Pune and Bengaluru, the 24-carat gold price mirrored Mumbai's rates at ₹158790 per 10 grams. Ahmedabad and Bhopal reported prices of ₹158840 per 10 grams for 24-carat gold. Northern cities, including Jaipur, Lucknow, and Chandigarh, followed Delhi's pricing structure, with 24-carat gold available at ₹158940 and 22-carat gold at ₹145710 per 10 grams. These regional differences are often attributed to transportation costs and state-level levies.

Correction in Silver Prices

Contrasting the gold rally, silver prices saw a downward correction on the morning of February 11. The metal is currently trading at ₹289900 per kilogram. This follows a period of extreme volatility in January when silver prices had breached the ₹400000 per kilogram mark. Analysts view this current dip as a market correction aligned with the softening of international spot silver prices.

Industry Analysis and Future Outlook

According to Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council (GJC), the long-term trajectory for precious metals remains upward, while based on current market dynamics, he suggests that gold could potentially reach ₹200000 per 10 grams and silver could touch ₹500000 per kilogram by the year 2026. However, the council notes that any reduction in Import Duty or GST by the government could lead to a decrease in domestic retail prices.

So, to wrap up, while gold continues to test new highs, silver has provided some relief to buyers with a price dip. The market remains sensitive to global geopolitical developments and central bank policies, which will likely dictate the price movement in the coming weeks.