Amidst the latest developments in the bullion market, the price of 24-carat gold has surged by Rs 10 during early trade on Monday, reflecting the upward trend of the precious metal. As reported by the GoodReturns website, ten grams of 24-carat gold are now being sold at Rs 60,450, while the price of silver remains steady at Rs 74,100 per kilogram.
Similarly, the price of 22-carat gold has also seen a marginal increase, now available at Rs 55,410 for ten grams. The consistency in gold prices is notable in major Indian cities like Mumbai, Kolkata, and Hyderabad. However, slight variations have been observed in cities such as Delhi, Bengaluru, and Chennai.
On the global front, the US gold prices experienced a slight downturn after a recent surge to a near one-month high. The escalation of tensions between Israel and the Palestinian militant group Hamas significantly impacted the safe-haven appeal of gold, leading to a notable 3% increase in the previous session.
In sync with the movement in gold prices, other precious metals have also shown some fluctuations. Spot gold, an indicator of the global gold market, witnessed a 0.5% dip, reaching $1,921.69 per ounce, while U.S. gold futures observed a 0.4% decline, now at $1,934.40. Meanwhile, the prices of spot silver, platinum, and palladium experienced variations, further adding to the dynamism in the bullion market.
Delhi and Mumbai are currently witnessing one kilogram of silver trading at Rs 74,100, while Chennai’s market stands apart with silver trading at Rs 77,000 per kilogram.
The interplay of global geopolitical tensions and market dynamics continues to shape the trajectory of precious metal prices, with investors closely monitoring the shifts in the bullion market for potential investment opportunities.