God and silver prices continued to decline amid the festive season, offering some relief to buyers ahead of Dhanteras. Silver prices in Delhi fell below ₹2 lakh per kilogram, while gold also recorded a drop. With Dhanteras and Diwali approaching, consumers planning to buy jewellery, coins and other precious metal items are closely tracking market movements.
The decline in precious metal prices has been attributed to weakness in international bullion markets and a stronger US dollar, which have put pressure on domestic rates.
Silver Prices Drop to ₹1.98 Lakh per Kilogram
Silver prices in Delhi declined by ₹4,000 per kilogram on Tuesday, bringing the rate down to ₹1,98,000 per kilogram. The latest price is reportedly the lowest level in around 10 months.
In the previous trading session, silver had closed at ₹2,02,000 per kilogram. The decline may provide some relief to consumers planning to purchase silver coins, utensils and jewellery during the festive season.
Gold Prices Decline by ₹500 per 10 Grams
Gold prices also witnessed a downward trend on Tuesday. The price of gold fell by ₹500 to ₹1,45,800 per 10 grams, compared with ₹1,46,300 per 10 grams in the previous trading session.
Buying gold and silver on Dhanteras is considered auspicious in India. With prices easing, buyers are keeping a close watch on market trends before making their festive purchases.
Strong US Dollar Weighs on Gold Prices
According to Jatin Trivedi, Vice President and Research Analyst for Commodities and Currencies at LKP Securities, a stronger US dollar and continued weakness in international precious metal prices have put pressure on domestic gold rates.
He indicated that gold prices could remain volatile in the near term. Based on his assessment, gold may trade within the range of ₹1.40 lakh to ₹1.44 lakh per 10 grams.
Gold and Silver Prices Decline in Global Markets
Precious metals also remained under pressure in international markets. Spot gold edged down to $4,011.44 per ounce, while silver declined by more than 1% to $53.41 per ounce.
The latest movement reflects continued weakness in both domestic and international bullion markets. However, prices may fluctuate depending on currency movements, global economic developments and investor sentiment.
Buyers planning to purchase gold or silver during Dhanteras and Diwali should check the latest local market rates before making a decision. Jewellery prices may also vary depending on purity, making charges and applicable taxes. While the recent decline may offer a buying opportunity for some consumers, precious metal prices remain subject to market fluctuations.
