Gold-Silver Rate Today In India: Gold and silver prices in the Indian bullion market today recorded a sharp decline. The steadily rising gold prices have now been halted, providing significant relief to consumers. This significant decline is directly due to the strong US dollar in the international market. Furthermore, investors have exercised extreme caution ahead of the crucial meeting of the US Federal Reserve.
Gold and silver prices are also under pressure in the domestic market due to ongoing profit-booking in the international market and a weak global trend. The dollar index has reached a one-month high, making gold significantly more expensive for foreign buyers. This primary reason has led to a significant decline in overall gold demand in the global market. The market’s future direction will be determined by the signals of new economic policies.
latest gold rates
Today, July 29th, a significant drop in gold prices was clearly visible in the Indian market. The 24-carat gold futures price on the Multi Commodity Exchange fell by ₹223 to ₹1,41,400 per 10 grams. Meanwhile, the retail price of 24-carat gold in the national capital’s bullion market, Delhi, reached ₹1,44,320 per 10 grams. This drop presents a great opportunity for those waiting to buy gold.
silver price situation
Along with the sharp decline in gold prices, a sharp change is also clearly visible in silver prices today. In the early trading session on the Multi Commodity Exchange, the silver futures price has reached the level of Rs 2,16,526 per kg. Talking about the retail market, one kg of silver is being sold at the price of Rs 2,35,000 in major cities like Delhi, Mumbai and Kolkata. According to the latest data of the Indian Bullion and Jewelers Association, the price of silver has been recorded at Rs 2,17,349 per kg.
Gold prices in major cities
The impact of the sharp fall in gold prices is clearly visible in many major cities of India today. 24 carat gold is being sold at Rs 1,44,320 in the capital Delhi and at Rs 1,44,170 per 10 grams in the financial capital Mumbai. Similarly, the latest price of 24 carat gold in Chennai has been recorded at Rs 1,44,160 and in Patna at Rs 1,44,220 per 10 grams. In Kolkata also, the retail price of 24 carat gold has reached Rs 1,44,170 per 10 grams.
Opinion of market experts
HDFC Securities expert Saumil Gandhi says that the strengthening rupee has reduced the cost of importing imported bullion into the domestic market. According to Kaynat Chainwala of Kotak Securities, the dollar index’s rise to 101.57 has led to a decline in international prices. Pranav Meer of JM Financial believes that the market will now focus primarily on the situation in West Asia and inflation data. The Federal Reserve’s new policy decisions will ultimately determine the future direction of gold and silver.