- Gold prices dropped Rs 14,000 per 10 grams due to weak global trends and a stronger US dollar
- Silver prices fell sharply after surpassing Rs 4 lakhs per kilogram amid market uncertainty
- Kevin Warsh's Fed nomination sparked fears of a hawkish policy, causing risk-off sentiment
Gold prices tumbled by Rs 14,000 per 10 grams as investors booked heavy profits amid weak global trends and a rebound in the US dollar. To add to it, even silver prices tumbled dramatically after breaching the Rs 4 lakhs per kilogram-mark,
The drop in precious metals is attributed to the uncertainty after President Donald Trump nominated Kevin Warsh as the next head of America's central bank, the Federal Reserve. This kept the market in a slightly risk-off mode, as the markets fear that the new leadership can be more hawkish, reported PTI.
The gold rate in India on Wednesday is Rs 1,50,970 per 10 gm while the silver rate is Rs 2,92,810 per 1 kg, according the Bullions website.
Gold Rates Today
In Mumbai, the financial heart of the country, 24-carat gold is retailing at approximately Rs 1,50,690 per 10 grams. Kolkata follows a similar trend, with its gold rate reported at Rs 1,50,490. Both cities are ahead of the national capital, Delhi, where the 24-carat rate currently stands at Rs 1,50,430.
The southern markets continue to record the highest figures in the country. Chennai leads the metros with a peak rate of Rs 1,51,130, while Hyderabad and Bengaluru follow closely at Rs 1,50,930 and Rs 1,50,810 respectively, keeping the price gap between the southern hubs and the northern capital distinct.
Silver Rates Today
Here is how the silver rates are unfolding across major Indian hubs today: Mumbai is the epicenter of this price rally. Prices have dropped to Rs 2,92,280 per kg. In the national capital, Delhi, silver is keeping pace with Mumbai, currently priced at Rs 2,91,770 per kg.
Chennai and Hyderabad are seeing silver trade at approximately Rs 2,93,130 and Rs 2,92,740 per kg, respectively. Bengaluru follows closely, with rates hovering around Rs 2,92,510 per kg. The silver prices in Kolkata are currently trading at roughly Rs 2,91,890.
Gold Rates City-Wise
The following rates are as per 10 grams of gold.
Mumbai: Rs 1,50,690
Delhi: Rs 1,50,430
Bengaluru: Rs 1,50,810
Chennai: Rs 1,51,130
Hyderabad: Rs 1,50,930
Kolkata: Rs 1,50,490
Silver Rates City-Wise
Mumbai: Rs 2,92,280
Delhi: Rs 2,91,770
Bengaluru: Rs 2,92,510
Chennai: Rs 2,93,130
Hyderabad: Rs 2,92,740
Kolkata: Rs 2,91,890
Gold suffered its biggest drop in four decades and silver followed with a record intraday decline in a stark reversal of the rally that lifted prices to all-time highs. Gold fell more than 12% to slump below $5,000 an ounce in its biggest intraday decline since the early 1980s. Silver plunged as much as 36%, a record intraday decline, as the selloff swept through the broader metals markets, reports Bloomberg.
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