Precious metals fall sharply: Gold, silver hit by oil spike and rate concerns
Precious metals fall sharply: Gold, silver hit by oil spike and rate concernsGold and silver prices declined this week, heading for their steepest fall in over a month as rising crude oil prices and inflation concerns weighed on investor sentiment. Traders remain cautious as the ongoing West Asia conflict, now in its fourth week, raises the risk of prolonged inflation and tighter interest rates.
On the Multi Commodity Exchange (MCX), gold closed slightly lower at ₹1,44,825 on Friday before trading paused for the weekend. In the physical market, bullion rates held at ₹1,45,520 on Sunday.
Silver saw sharper pressure. MCX silver in Delhi ended nearly 2% lower at ₹2,27,470 per kg on Friday, down by ₹3,990. Bullion rates stood marginally higher at ₹2,27,960 on Sunday.
MCX closing prices
| Commodity | Price (MCX) | Change |
| Gold | ₹1,44,825 | Slightly lower |
| Silver | ₹2,27,470/kg |
Down ₹3,990 (~2%) |
Gold rates across major cities (per 10 gm)
| City | 24 kt (₹) | 22 kt (₹) | 18 kt (₹) |
| Delhi | 1,45,010 | 1,32,926 | 1,08,758 |
| Mumbai | 1,45,260 | 1,33,155 | 1,08,945 |
| Kolkata | 1,45,060 | 1,32,972 | 1,08,795 |
| Chennai | 1,45,680 | 1,33,540 | 1,09,260 |
| Bengaluru | 1,45,370 | 1,33,256 | 1,09,028 |
| Hyderabad | 1,45,490 | 1,33,366 | 1,09,118 |
Silver rates across major cities
| City | 10 gm (₹) | 100 gm (₹) | 1 kg (₹) |
| Delhi | 2,272 | 22,715 | 2,27,150 |
| Mumbai | 2,275 | 22,754 | 2,27,540 |
| Kolkata | 2,272 | 22,724 | 2,27,240 |
| Chennai | 2,282 | 22,821 | 2,28,210 |
| Bengaluru | 2,277 | 22,772 | 2,27,720 |
| Hyderabad | 2,279 | 22,790 | 2,27,900 |
(Data from bullions.co.in)
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