Precious Metals Market Update: Gold Falls, Silver Holds Steady

Gold prices in India edged lower this week even as global geopolitical risk intensified. In Delhi, 24-carat gold was quoted at Rs 143,430 per 10 g and 22-carat at Rs 131,440. The same figures were reflected in neighboring metros – Noida, Gurugram, Ghaziabad, Lucknow – and in western and southern hubs such as Mumbai, Pune, Ahmedabad, Jaipur, Chandigarh, Kolkata, Hyderabad, Bengaluru, Chennai and Patna.

Silver’s domestic price remained at Rs 230,000 per kilogram, while the international spot price rose modestly to USD 56.95 per ounce, highlighting a split between Indian and world markets.

The backdrop to these moves is a climb in Brent crude above USD 90 a barrel, driven by ongoing Middle-East confrontations. Higher oil prices are fuelling inflation concerns, and U.S. central-bank officials are hinting at possible further rate hikes. Elevated rates tend to make interest-bearing assets more attractive, squeezing demand for gold and silver, which do not generate yield.