Today’s Gold and Silver Prices in Different Cities
Gold prices dropped by Rs 700 to Rs 79,000 per 10 grams in the national capital on Monday, as reported by the All-India Sarafa Association. The precious metal had closed at Rs 79,700 per 10 grams on Friday.
New Delhi: Gold prices dropped by Rs 700 to Rs 79,000 per 10 grams in the national capital on Monday, as reported by the All-India Sarafa Association. The precious metal had closed at Rs 79,700 per 10 grams on Friday.
Table of Contents
Silver Prices See an Upsurge
In contrast to gold, silver prices saw an increase of Rs 300, rising to Rs 90,700 per kg on Monday. This is up from Rs 90,400 per kg in the previous session.
Also Read: Today’s Gold and Silver Prices in Different Cities
The price of 99.5% purity gold fell by Rs 700, settling at Rs 78,600 per 10 grams, compared to the previous close of Rs 79,300 per 10 grams on Friday.
Gold and Silver Futures
In the futures market, gold contracts for February delivery on the MCX decreased by Rs 247, or 0.32%, to Rs 77,070 per 10 grams. On the other hand, silver futures for March delivery appreciated by Rs 479, or 0.54%, to Rs 89,700 per kg.
Government’s Push for Silver Hallmarking
On Monday, Food and Consumer Affairs Minister Pralhad Joshi urged the Bureau of Indian Standards (BIS) to consider mandatory hallmarking for silver and silver artefacts in response to consumer demand. The work towards this has already started, and the government will make a decision after consulting stakeholders and assessing the feasibility of the initiative. At present, silver hallmarking, which certifies the purity of silver, is voluntary.
Global Market Trends
In the overseas markets, Comex gold futures rose by 0.18% to USD 2,659.60 per ounce. Rahul Kalantri, Vice President of Commodities at Mehta Equities Ltd, noted that despite volatility, gold and silver prices made a remarkable recovery last week. This was despite challenges such as a stronger dollar and rising US Treasury yields.
In the Asian markets, Comex silver futures traded 2.68% higher at USD 30.87 per ounce.
Focus on US Non-Farm Payrolls Data
Market participants are closely watching the upcoming US non-farm payrolls data, which will kick off the monthly cycle of US labor statistics for 2025. Renisha Chainani, Head of Research at Augmont, stated that the data release would provide more clarity on the direction of bullion prices.
Chainani also noted that January has historically seen the highest price gains for precious metals over the last 20 years, driven by strong jewelry demand and new long positions from investors and asset allocators following the holiday season.
