Gold and Silver Prices Fall Nationwide Amid Profit Taking
Gold and silver prices have recently experienced a notable decline in domestic markets following profit-taking. This shift occurred on Thursday, resulting in lower futures on the Multi Commodity Exchange (MCX). As investors capitalized on recent gains, both gold and silver futures traded negatively, despite the backdrop of a weaker US dollar.
Gold and Silver Prices Overview
On Wednesday, February 25, gold futures for April settled at Rs 1,61,145 per 10 grams. However, early Thursday morning saw gold prices drop to Rs 1,60,516 per 10 grams. Silver prices followed a similar trajectory, decreasing from Rs 2,68,316 per kilogram to Rs 2,62,892 per kilogram.
Price Breakdown by City (February 26)
| City | 24K Gold (Rs) | 22K Gold (Rs) |
|---|---|---|
| Delhi | 1,60,990 | 1,47,550 |
| Mumbai | 1,60,840 | 1,47,400 |
| Chennai | 1,61,740 | 1,48,550 |
| Kolkata | 1,60,840 | 1,47,400 |
| Bengaluru | 1,60,840 | 1,47,400 |
| Hyderabad | 1,60,840 | 1,47,400 |
It is important to note that these rates may differ slightly due to local taxes and jeweller margins.
International Market Insights
In international markets, precious metals exhibited modest gains despite ongoing volatility. Spot gold increased by 0.3% to $5,184.43 an ounce, after reaching a three-week peak earlier this week. Spot silver also experienced a slight rise of 0.1% to $89.49 an ounce. Conversely, US gold futures for April delivery saw a downturn, dropping approximately half a percent.
Factors Influencing Price Movements
Several factors are influencing current market conditions. Investors are closely monitoring developments related to US tariff policies and escalating geopolitical tensions, particularly between the United States and Iran. While a weaker dollar generally supports gold and silver, recent price pressures are largely attributed to profit-taking following recent highs.
The mixed investor sentiment reflects an ongoing uncertainty within the global market, with market participants weighing various indicators that could shape future price trends.
