【India】Gold Rate Today: Turmoil Continues in Gold and Silver Prices, Glimmer Returns After Heavy Fall

On Monday, gold and silver prices saw a modest recovery following a sharp decline in the previous session. The domestic market is also buzzing due to gains in the US futures market. However, investor fear persists due to the strengthening dollar and uncertainty surrounding the potential new Chairman of the US Federal Reserve.

The previous week was quite volatile for the bullion market.

Looking at last week’s data, gold and silver had reached their lifetime highs. On Thursday, gold in the international market reached a record level of $5,594 per ounce and silver reached $121 per ounce. However, heavy selling and profit-taking immediately afterward pushed prices down. On Friday, gold prices saw a significant drop, bringing them to their lowest levels in several weeks. On Monday, spot gold remained around $4,793 with a slight decline, but US gold futures saw a 1.6% rise, indicating signs of recovery.

During the special budget session on Sunday, the Indian futures market, i.e., MCX, recorded a heavy fall in prices. The price of gold for the April futures fell by 4,242 rupees to close at 148,104 rupees per 10 grams. The situation for silver was even worse, where the March futures prices hit a 9 percent lower circuit. Silver stopped after a big fall of 26,273 rupees, reaching 265,652 rupees per kg. This heavy fall has surprised both jewelry traders and investors.

According to the India Bullion and Jewellers Association (IBJA), a major change in prices has also been seen in the retail market. According to the latest data, the price of 24-carat gold has been recorded around 153,013 rupees per 10 grams. Meanwhile, the price of silver is running at 266,175 rupees per kilogram. Market analysts believe that after the budget, the impact of import duties at the domestic level and US economic policies at the global level will determine the direction of prices in the coming days.