Gold and Silver Prices Dip After Week of Steady Trading
By ScanX News Team
Gold prices in India decreased to Rs 99,820.00 per 10 grams from Rs 99,950.00. Despite the dip, gold showed resilience in the previous week, rising 0.79% in global markets and 1.98% on MCX. Silver experienced a more significant correction, falling 2.95% in global markets to $37.01 levels. In India, silver traded at Rs 110,570.00 per kilogram. The divergence in performance between gold and silver reflects complex market dynamics, with gold benefiting from safe-haven demand and silver affected by industrial metal corrections.
*this image is generated using AI for illustrative purposes only.
Gold and silver prices experienced a downturn following a week of stable trading, with both precious metals showing mixed performance across various markets.
Gold Prices Retreat
Gold prices in India saw a slight decrease, with the India Bullion Association reporting a drop to Rs 99,820.00 per 10 grams, down from Rs 99,950.00 on Friday. This decline comes after a period of steady growth over the past six months, influenced by U.S. tariff announcements. During this time, gold reached a high of Rs 100,820.00 on June 22 and a low of Rs 87,100.00 on April 7.
Despite the recent dip, gold demonstrated resilience in the previous week:
- Global markets: Prices increased by 0.79%, closing at $3,362.00 levels
- MCX (Multi Commodity Exchange): Prices rose by 1.98%, ending at 99,754.00 levels
The precious metal's performance was bolstered by safe-haven demand amid ongoing political and economic uncertainties.
City-wise Gold Prices
Gold prices varied across major Indian cities:
| City | Price (per 10 grams) |
|---|---|
| Chennai | 99,930.00 |
| Bengaluru | 99,720.00 |
| Mumbai | 99,640.00 |
| Delhi | 99,470.00 |
| Kolkata | 99,510.00 |
In the international market, gold spot prices traded lower at $3,347.00 per ounce.
Silver Market Correction
Silver experienced a more significant correction compared to gold:
- Global markets: Prices fell by 2.95%, closing at $37.01 levels
- India Bullion Association: Silver traded at Rs 110,570.00 per kilogram
The decline in silver prices was attributed to a broader correction in industrial metals, following the announcement of 50% copper tariffs. This correction comes after silver recently hit a high of Rs 116,641.00 per kilogram.
The divergence in performance between gold and silver highlights the complex dynamics at play in the precious metals market. While gold continues to benefit from its status as a safe-haven asset during times of uncertainty, silver's industrial applications make it more susceptible to broader economic factors and trade policies.
Investors and market participants will be closely monitoring these price movements, especially in light of ongoing global economic uncertainties and trade tensions.
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