- Silver prices fell to Rs 2.66 lakh per kg in Delhi amid a global selloff
- Gold prices dropped to Rs 1.48 lakh per 10 grams following investor profit booking
- Gold and silver saw early trading losses of around 4% due to geopolitical tensions
Continuing the plunge from the past couple of days, the prices of silver collapsed to Rs 2.66 lakh per kg in the national capital on Monday, while gold plunged to Rs 1.48 lakh per 10 grams, as investors booked profits amid a global selloff triggered by geopolitical events, according to the India Bullions website
On MCX, March futures for silver have fallen 12% to Rs 2.33 lakh per kilogram, whereas April futures for gold have fallen 4.3% to Rs 1.41 lakh per 10 grams.
In early Monday trading, spot gold slid up to 4%, while silver fell by a similar margin, staying above $80 an ounce after briefly tumbling as much as 12%. The metal had already logged its largest intraday fall on record in the previous session, deepesting its steepest fall in 10 yaers.
Over the past year, precious metals have climbed to unprecedented levels, surprising even veteran market participants. The surge gained even more momentum in January, fueled by investors seeking refuge in gold and silver amid renewed worries about global tensions, weakening currencies, and questions surrounding the Federal Reserve's autonomy.
Friday's sharp downturn was sparked by news that U.S. President Donald Trump plans to nominate Kevin Warsh as the next Fed Chair. The announcement strengthened the dollar and dampened sentiment among traders who had been counting on Trump to tolerate a softer currency.
The gold rate in India on Monday is Rs 148,240 per 10 gms while the silver rate is Rs 266,500 per 1 kg, according the Bullions website.
Gold Price Today
In Mumbai, the financial heart of the country, 24-carat gold is retailing at approximately Rs 147,970 per 10 grams. Kolkata follows a similar trend, with its gold rate reported at Rs 147,780. Both cities are ahead of the national capital, Delhi, where the 24-carat rate currently stands at Rs 147,720.
The southern markets continue to record the highest figures in the country. Chennai leads the metros with a peak rate of Rs 148,400, while Hyderabad and Bengaluru follow closely at Rs 148,210 and Rs 148,090 respectively, keeping the price gap between the southern hubs and the northern capital distinct.
Silver Price Today
Here is how the silver rates are unfolding across major Indian hubs today: Mumbai is the epicenter of this price rally. Prices have surged to Rs 266,020 per kg. In the national capital, Delhi, silver is keeping pace with Mumbai, currently priced at Rs 265,560 per kg.
Chennai and Hyderabad are seeing silver trade at approximately Rs 266,790 and Rs 266,440 per kg, respectively. Bengaluru follows closely, with rates hovering around Rs 266,230 per kg. Kolkata is also witnessing a surge with silver currently trading at roughly Rs 265,660.
Gold Rates City-Wise
The following rates are as per 10 grams of gold.
Mumbai: Rs 147,970
Delhi: Rs 147,720
Bengaluru: Rs 148,090
Chennai: Rs 148,400
Hyderabad: Rs 148,210
Kolkata: Rs 147,780
Silver Rates City-Wise
The following rates are as per 1 kg
Mumbai: Rs 266,020
Delhi: Rs 265,560
Bengaluru: Rs 266,230
Chennai: Rs 266,790
Hyderabad: Rs 266,440
Kolkata: Rs 265,660
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