New Delhi: Gold and silver prices declined on Thursday as the dollar index strengthened once again, putting pressure on global bullion markets.
According to inputs from Kedia Advisory, the dollar index has crossed 99, signalling reduced demand for precious metals. As a result, gold and silver were trading in the red in international markets on April 9.
On the Multi Commodity Exchange (MCX), gold prices slipped in early trade. At around 10am, the price of 10 grams of gold stood at Rs 1,51,283, marking a decline of Rs 493. During the session, gold touched a low of Rs 1,50,647 and a high of Rs 1,51,452 per 10 grams.
Silver witnessed a sharper fall. At 10:01am, the price of 1kg of silver dropped to Rs 2,36,450, down by Rs 3,468 per kg. Earlier in the session, silver had fallen by nearly Rs 3,918, with prices ranging between Rs 2,35,133 and Rs 2,37,589 per kg.
In international markets, silver was trading at 73.770 dollars per ounce, down by 2.14%, while gold prices also declined by around 1% on COMEX.
Key price levels
Over the past few months, 24-carat gold has largely hovered around Rs 1.5 lakh per 10 grams, while silver has remained near Rs 2 lakh per kg. Prices have crossed these levels only during periods of sharp volatility.
For instance, at the end of January, both metals hit record highs, with silver reaching Rs 4,20,000 per kg and gold touching Rs 1.93 lakh per 10 grams.
City-wise prices
Across major cities, gold prices showed slight variations. In Patna, 24-carat gold was priced at Rs 1,53,130 per 10 grams, making it the lowest among the listed cities. Meanwhile, Bhopal and Indore recorded higher prices at around Rs 1,51,400 per 10 grams.
Other cities including Jaipur, Kanpur, Lucknow, Chandigarh and Raipur saw gold prices ranging between Rs 1,51,180 and Rs 1,51,280 per 10 grams.
Silver prices also varied across regions. Patna recorded the lowest price at Rs 2,37,110 per kg, while Jaipur saw the highest at Rs 2,43,360 per kg.
Market outlook
Analysts say the movement of the dollar index and global economic cues will continue to influence bullion prices. If the dollar remains strong, gold and silver may face further pressure in the near term.
