Gold and silver prices witnessed a sharp decline in the domestic bullion market on Tuesday as a stronger Indian rupee and weak global cues weighed on investor sentiment. According to the All India Bullion Association, 24-carat gold (99.9% purity) fell by ₹2,640 to ₹1,47,000 per 10 grams, while silver plunged ₹5,200 to ₹2,24,800 per kilogram.
The correction comes ahead of the highly anticipated US Federal Reserve policy decision, with investors adopting a cautious approach amid global economic uncertainty.
Gold and Silver Prices Today
Gold (99.9% purity): ₹1,47,000 per 10 grams (Down ₹2,640)
Previous Close: ₹1,49,640 per 10 grams
Silver: ₹2,24,800 per kg (Down ₹5,200)
Previous Close: ₹2,30,000 per kg
Why Did Gold and Silver Prices Fall?
Market experts attributed the decline to multiple factors:
Strong appreciation of the Indian rupee reduced the cost of imported bullion.
Weak international bullion prices pressured domestic markets.
Investors remained cautious ahead of the US Federal Reserve's interest rate decision.
Profit booking after recent gains also contributed to the decline.
According to Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities, investor caution before the Federal Reserve meeting significantly impacted bullion prices.
International Gold Market Under Pressure
Global bullion markets also remained under pressure.
Spot Gold: Fell $53.30 (1.31%) to $4,023.50 per ounce
Spot Silver: Declined 2% to $57.24 per ounce
Commodity analysts noted that the US Dollar Index climbed to a one-month high of 101.57, making gold more expensive for international buyers and reducing demand.
Geopolitical Developments Also Influenced Prices
According to Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, hopes of renewed peace talks between the United States and Iran eased geopolitical tensions, reducing safe-haven demand for gold.
Crude oil prices also declined for the third consecutive session as reports suggested progress in discussions involving Oman and Iran over the Strait of Hormuz. However, uncertainty remains after US President Donald Trump warned that military action could resume if negotiations fail.
What Should Investors Do?
Analysts believe short-term volatility may continue due to:
The US Federal Reserve's policy announcement.
Movements in the US dollar.
Rupee fluctuations.
Global geopolitical developments.
Long-term investors are advised to monitor these factors closely before making fresh investment decisions.
Key Highlights
Gold falls ₹2,640 to ₹1.47 lakh per 10 grams.
Silver drops ₹5,200 to ₹2.24 lakh per kg.
Stronger rupee lowers imported bullion costs.
US Fed policy decision keeps investors cautious.
Global gold slips over 1%, while silver loses 2%.
Easing US-Iran tensions reduce safe-haven demand.
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