Precious Metal Price Fluctuations
India Gold and Silver Prices Fluctuate Amid Mixed Market Demand and Subdued Spot Buying
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Key Points
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MCX October gold futures fell ₹171, or 0.11%, to ₹1,51,128 per 10 grams, on business turnover of 867 lots; analysts attributed the fall to subdued spot-market demand.
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Retail gold prices fell across purities: 24-karat gold was down ₹152 per gram to ₹15,268, 22-karat fell ₹140 to ₹13,995, and 18-karat declined ₹114 to ₹11,451. Chennai’s 24-karat rate was ₹15,419 per gram.
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One report said Comex gold rose 0.10% to $4,322.60 an ounce while silver fell 0.68% to $64.520 an ounce, a specific divergence in international trading.
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The rebound report also cited strong Chinese demand: China had imported more than 1,000 tonnes of gold by August, exceeding its purchases over the same period the previous year.
Gold and silver prices in India swung lower on September 24, with domestic futures pulling back after two days of sharp declines. MCX October gold futures fell ₹171, or 0.11%, to ₹1,51,128 per 10 grams HDFC Sky, while retail gold dropped across all purities. Yet some reports showed precious metals rebounding on buying from investors and jewellers ahead of India's wedding and festival seasons Zee Biz.
The moves reflected uneven international trading as well. Comex gold rose 0.10% to $4,322.60 an ounce while silver fell 0.68% to $64.52 an ounce RTT News, showing divergent momentum across markets. Chinese demand remained strong, with the country importing more than 1,000 tonnes of gold by August — exceeding purchases over the same period last year.
Retail Gold Falls Across All Purities
Domestic retail gold prices declined on September 24 as spot-market demand remained subdued. Twenty-four-karat gold fell ₹152 per gram to ₹15,268 HDFC Sky, while 22-karat gold dropped ₹140 per gram to ₹13,995. Eighteen-karat gold declined ₹114 per gram to ₹11,451. Chennai saw slightly higher rates at ₹15,419 per gram for 24-karat gold.
Analysts attributed the MCX futures decline to weak buying interest in the physical market. The October contract saw 867 lots traded during the day HDFC Sky. Despite the pullback, some reports noted that jewellers and individual investors were stepping in to buy ahead of the busy wedding season and upcoming festivals.
Silver Holds Steady Despite Global Weakness
Silver prices remained relatively stable in India's retail market. Rates held at ₹245 per gram, or ₹2,45,000 per kilogram, across most major cities HDFC Sky. Some regional quotes, like in Purnia, showed silver at ₹2,63,900 per kilogram on September 25, down from ₹2,73,900 the previous day. Global silver weakness did not fully translate into Indian selling pressure.
The relative stability in silver contrasted with international moves. Comex silver fell 0.68% to $64.52 an ounce RTT News, showing softer sentiment abroad. Yet domestic jewellers and investors appeared to view the price levels as attractive after the recent two-day decline.
Chinese Buying Keeps Gold Demand Resilient
Strong demand from China provided underlying support for precious metals. The country imported more than 1,000 tonnes of gold by August, exceeding its purchases over the same period in the previous year. This surge reflects persistent central bank buying and investment appetite for the yellow metal in Asia's largest economy.
China's robust gold imports offer a counterweight to softer domestic demand in India. RTT News reported that gold prices rebounded to $4,322.60 an ounce on easing oil prices and lower government bond yields. As Indian festive seasons approach, local buying could accelerate if prices hold their current levels or dip further.
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