📷 Image Credits: Mint
Gold prices saw a slight decrease on Monday, with 24 carat gold priced at Rs.7397.2 per gm and 22 carat gold at Rs.6775.8 per gm in Delhi, showing declines of Rs.799.0 and Rs.732.0 respectively. Over the past week, the price change in 24 carat gold has been -0.86%, and in the last month, it has been -1.1%. In the same vein, the cost of silver stands at Rs.91920.0 per kg.
The current gold price in Delhi is Rs.73972.0 for 10 grams, showing a decrease from yesterday’s price of Rs.74989.0. Similarly, the silver price today in Delhi is Rs.91920.0 per kg, compared to yesterday’s rate of Rs.92100.0. These fluctuations in the prices of gold and silver can be attributed to a variety of factors, including input from reputable jewelers, global demand for gold, currency fluctuations, interest rates, and government regulations regarding the gold trade.
In addition, global economic conditions and the strength of the US dollar against other currencies also influence gold prices in the Indian market. Futures trading indicates that the gold February 2025 MCX futures were trading at Rs.74457.0 per 10 gm, while the silver December 2024 MCX futures were trading at Rs.95808.0 per kg, showing changes in the market.
Meanwhile, the article also discusses the impact of US consumer prices on gold prices, with the recent data showing a decrease in prices leading to speculation of rate cuts by the Federal Reserve. This resulted in gold prices surging above $2,400 per ounce, with spot gold reaching $2,414.40 per ounce. The market sentiment indicates a push for a new all-time high in gold prices, with gold bulls optimistic about future gains.
Furthermore, the article provides insight into the trends of other precious metals like silver, platinum, and palladium, all of which have seen fluctuations in prices based on market conditions and demand. Overall, the dynamics of the precious metals market are influenced by a combination of economic factors, market sentiment, and global events, making it a key area of interest for investors and traders.
