New Delhi , July 13 :Gold and silver prices registered a sharp decline in the Indian bullion market on Monday, tracking weak global commodity trends and a stronger U.S. dollar, according to data released by the India Bullion and Jewellers Association (IBJA).
Selling pressure was witnessed from the opening of the trading session as precious metals retreated from their recent record highs amid concerns over the global economic outlook.The price of 24-carat gold declined by ₹1,060 per 10 grams, bringing the benchmark rate down to ₹1,42,970 per 100 grams, or ₹14,297 per gram. The decline represents a 0.74% drop from the previous closing price, according to IBJA data.
Silver recorded an even steeper fall, with prices dropping by ₹3,240 per kilogram. Following the decline, the price of pure silver stood at ₹2,19,760 per kilogram, marking a 1.45% decrease from the previous session.Market participants attributed the correction to a combination of global and domestic factors. Analysts said the recovery in the U.S. dollar index has increased pressure on gold prices by making the dollar a more attractive safe-haven asset for investors.
In addition, rising global bond yields amid expectations that major central banks will maintain a tighter monetary policy have reduced the appeal of non-yielding assets such as gold.
Domestically, analysts said profit-booking by jewellers and institutional buyers after recent price rallies also contributed to the decline, as market participants remained cautious at elevated price levels.
Alongside the futures market, changes were also reflected in spot retail prices across major cities in India. According to IBJA and local market data, rates for both 24-carat and 22-carat gold, as well as silver, witnessed corresponding declines across several bullion markets.
Market experts said investors are likely to remain focused on global economic developments, movements in the U.S. dollar, and bond yield trends for further direction in precious metal prices.
