Silver and gold prices maintained their upward trend on Monday, with silver marking an impressive sixth consecutive session of gains. Robust investor demand and positive global cues drove silver futures to a record high of Rs 2,54,174 per kilogram on the Multi Commodity Exchange (MCX). Shortly after this peak, however, prices dipped to an intraday low of Rs 2,33,120 as investors began to secure profits. Meanwhile, gold prices remained close to their all-time highs, with February delivery futures trading at Rs 1,40,230 per 10 grams.
Silver’s Record-Breaking Rally
Silver has demonstrated a remarkable rally, spurred by strong buying interest and favorable trends in international markets. Over the past week, silver prices surged by Rs 31,348, marking a significant gain of 15.04 percent on the commodities exchange. This recent uptick in silver prices signals a broader trend of growing investor confidence in precious metals as a safeguard against economic uncertainty. Despite the brief decline following record levels, the overall sentiment remains positive, with many investors continuing to show strong interest in acquiring silver. This persistent demand is likely to maintain price volatility as market participants respond to both domestic and international economic indicators.
Gold Prices Near All-Time Highs
Gold prices also displayed resilience, remaining near record levels in the domestic futures market. On the MCX, gold futures for February delivery observed a slight rise of Rs 357, or 0.26 percent, reaching Rs 1,40,230 per 10 grams. This follows an all-time high of Rs 1,40,465 per 10 grams recorded on Friday. In overseas markets, gold futures initially opened higher but later experienced a decline, settling at $4,536.80 per ounce, down by $15.90 or 0.35 percent. This fluctuation in gold prices can be attributed to profit-booking activities among investors after last week’s rally, underscoring the ongoing volatility in the precious metals market.
Current Gold Prices Across Major Cities
Gold prices fluctuate across major cities in India. In Ahmedabad, 22K gold is priced at Rs 12,995 per gram, while 24K gold is available for Rs 14,176 per gram. Bengaluru shows slightly lower prices, with 22K gold at Rs 12,990 per gram and 24K gold at Rs 14,171 per gram. Bhubaneswar reflects similar rates, with 22K gold at Rs 12,990 per gram and 24K gold at Rs 14,171 per gram. Chennai exhibits a slightly higher rate, with 22K gold priced at Rs 13,020 per gram and 24K at Rs 14,204 per gram. In the national capital, Delhi, 22K gold is at Rs 13,005 per gram, while 24K gold is priced at Rs 14,186 per gram.
Silver Prices in Major Cities
Silver prices have also shown significant variations across different cities. In Ahmedabad and Bengaluru, silver is priced at Rs 2,58,000 per kg. However, in Bhubaneswar and Chennai, silver commands a higher price of Rs 2,81,000 per kg. In Mumbai and Delhi, silver remains at Rs 2,58,000 per kg, and Hyderabad lists silver at Rs 2,81,000 per kg as well. Jaipur and Lucknow report silver prices at Rs 2,58,000 per kg, with Kolkata matching this rate. The variations in silver prices across cities reflect local demand and supply dynamics, which can influence market trends.
Digihunt is not a financial advisor and this is not investment advice.