Prices of precious metals maintained their positive trend in the Indian market in the time of the on-going wedding season on Tuesday, backed up by great retail demand. Silver caused the gains to increase in a sharp spike and gold lingered close to record territory in most urban centres.
According to the data on India Bullions site, silver shot up by close to Rs 10000 to be traded at about Rs 2.63 lakh per kilogram. Gold saw a slight increase and was quoted to be near to 158,000 per 10 grams. Jewellers claimed that the purchase interest is not impacted by the high levels because people still buy jewels to use in wedding ceremonies and other good omenious events.
It was still on the domestic uptrend despite the world bullion softening prices. Spot gold in Singapore fell 0.5 per cent to 5,032.53 an ounce after two days of rallying, with the buyers preferring to make profit bookings since the gold market was volatile. Silver overseas dropped by 1.8 to $81.92 an ounce.
The Multi Commodity Exchange was an expression of tinged optimism on the derivatives front. The April gold contract was up by 0.2 per cent to trade in 1,58,394 per 10 grams, whereas the last close stood at 1,58,066. March silver futures were mostly stable at Rs 2,62,745 per kilogram indicating that there was an interruption with the recent upswing.
Retail prices in the city remained generally in line with the national trend, regional premiums, however, remained.
Gold price in the present (24 carat, per 10 grams)
- Mumbai: Rs 1,58,360
- Delhi: Rs 1,58,080
- Bengaluru: Rs 1,58,480
- Chennai: Rs 1,58,820
- Hyderabad: Rs 1,58,610
- Kolkata: Rs 1,58,150
- Ahmedabad: Rs 1,58,300
- Pune: Rs 1,58,340
- Jaipur: Rs 1,58,120
- Lucknow: Rs 1,58,140
Southern markets again gave the highest rates with Chennai on the first. According to traders, this can be explained by strong domestic demand, freights and stocks.
Silver today (per kilogram) price.
- Mumbai: Rs 2,63,270
- Delhi: Rs 2,62,820
- Bengaluru: Rs 2,63,480
- Chennai: Rs 2,64,040
- Hyderabad: Rs 2,63,690
- Kolkata: Rs 2,62,930
- Ahmedabad: Rs 2,63,150
- Pune: Rs 2,63,220
- Jaipur: Rs 2,62,980
- Lucknow: Rs 2,63,050
The players in the markets have observed that consumers are adjusting to the expensive environment. There is a considerable shift of many buyers towards lighter jewellery, wearing out old jewellery or purchasing jewellery spaced out across multiple visits. Nevertheless, the cultural affinity to owning gold, especially during the wedding season, is still offering a formidable floor to the demand.
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Analysts feel that volatility in the global markets, trends in the rupee against the dollar and the dynamics in the import prices will continue to be some of the primary drivers in the domestic prices in the short-term. Any sudden adjustment abroad might have an effect on the domestic rates, but the seasonal and ceremony purchases will probably offset the significant drops.
