Gold, silver prices steady after sharp fall, check prices across cities

Gold and silver prices had been in sharp focus after touching record highs earlier this week. However, on Friday (January 30), prices witnessed a steep correction, triggering speculation over the reasons behind the sudden decline.

Also Read: Silver crashes 17 pc, gold falls 9 pc in futures trade in massive single-day fall

Prices remained largely within the same range on Saturday (January 31). In the international market, gold prices fell by more than 11 per cent, while COMEX silver slumped over 31 per cent.

Following Friday’s sell-off, silver is now trading around 35 per cent below its record high of USD 121.755 per ounce.

Delhi

In Delhi, gold prices on January 31 stood at Rs 16,934 per gram for 24-carat gold, Rs 15,524 per gram for 22-carat gold, and Rs 12,704 per gram for 18-carat gold (also known as 999 gold), according to Good Returns.

Silver prices in the national capital were quoted at Rs 394.90 per gram, or Rs 3,94,900 per kilogram.

Also Read: Why gold and silver prices are down on January 30

Gold prices in Delhi have been on an upward trajectory since the beginning of the year, largely driven by weakness in equity markets, which has prompted investors to seek refuge in safe-haven assets such as gold.

Mumbai

Gold prices were marginally lower than in Delhi. On January 31, 24-carat gold was priced at Rs 16,919 per gram, 22-carat gold at Rs 15,509 per gram, and 18-carat gold at Rs 12,689 per gram. Silver prices were unchanged from Delhi at Rs 394.90 per gram, or Rs 3,94,900 per kilogram.

Hyderabad

Gold prices matched those in Mumbai, with 24-carat gold at Rs 16,919 per gram, 22-carat gold at Rs 15,509 per gram, and 18-carat gold at Rs 12,689 per gram. Silver traded at a premium, quoted at Rs 404.90 per gram, or Rs 4,04,900 per kilogram.

Bengaluru

Gold prices in Bengaluru stood at Rs 16,919 per gram for 24-carat gold, Rs 15,509 per gram for 22-carat gold, and Rs 12,689 per gram for 18-carat gold. Silver was priced at Rs 394.90 per gram, or Rs 3,94,900 per kilogram.

Kolkata

Gold prices in Kolkata were identical to those in Mumbai and Bengaluru, with 24-carat gold at Rs 16,919 per gram, 22-carat gold at Rs 15,509 per gram, and 18-carat gold at Rs 12,689 per gram. Silver was quoted at Rs 394.90 per gram, or Rs 3,94,900 per kilogram.