Gold and silver prices remained steady in the bullion market on the occasion of Mahashivratri, as the rates of both the metals remained unchanged after the ups and downs seen in the previous three consecutive trading sessions.
24 carat gold prices in the national capital fell by around ₹ 1,850 per 10 grams during the last three days, while 22 carat gold fell by around ₹ 1,700 over the same period. Silver prices fell by around ₹20,000 per kg in the previous two trading sessions.
Market participants said that both demand and supply remained limited in the domestic market on the day of Mahashivaratri and there was no major movement in gold and silver in the international market as well. According to experts, the current stability is immediate and market activity may resume in the coming days.
In Delhi, 24 carat gold was priced at ₹1,57,900 per 10 grams, 22 carat at ₹1,44,750 and 18 carat at ₹1,18,460. In Mumbai, 24 carat fetched ₹1,57,750, 22 carat ₹1,44,600 and 18 carat ₹1,18,310 per 10 grams. Rates in Kolkata remained similar to Mumbai for all three categories. Prices remained higher in Chennai, where 24 carat was ₹1,58,840, 22 carat ₹1,45,600 and 18 carat ₹1,24,500 per 10 grams.
Gold rates in Bengaluru remained similar to Mumbai. Hyderabad also recorded the same rate as Bengaluru and Mumbai. In Lucknow, 24 carat was ₹1,57,900, 22 carat was ₹1,44,750 and 18 carat was ₹1,18,460. In Patna, 24 carat was ₹1,57,800, 22 carat was ₹1,44,650 and 18 carat was ₹1,18,360. Jaipur recorded the same rates as Lucknow. In Ahmedabad, 24 carat was ₹1,57,800, 22 carat was ₹1,44,650 and 18 carat was ₹1,18,360 per 10 grams.
Silver prices also held steady after two consecutive sessions of decline. On February 15, the price of silver in Delhi stood at ₹ 2,75,000 per kg. Similar rates were recorded in Mumbai and Kolkata, while Chennai saw the price at ₹ 2.80 lakh per kg.
Navneet Damani, head of commodity and currency research at Motilal Oswal Financial Services, said the recent rally in silver was driven by momentum more than fundamentals. According to him, a major rise will not be sustainable until silver crosses the $100 per ounce level. According to Damani, silver could reach $95 an ounce in favorable conditions and fall to $65 in weak conditions, indicating that the metal may trade within a defined range.
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