Gold and silver prices displayed divergent trends in the domestic market on Monday, with the yellow metal remaining largely unchanged while the white metal gained ground following fresh government restrictions on imports. According to The Times of India’s live updates, gold prices stayed flat at Rs 1,62,000 per 10 grams in Delhi, even as international bullion faced pressure. A weaker rupee provided a cushion against global declines.
The All India Sarafa Association reported that 99.9 per cent pure gold held steady at Rs 1,62,800 per 10 grams. Silver, meanwhile, rose by Rs 1,000 to Rs 2,76,000 per kg, inclusive of taxes, reflecting tighter domestic availability after authorities shifted silver to the restricted import category, subjecting shipments to licensing requirements. This followed an earlier hike in import duties on both metals from 6 per cent to 15 per cent, pushing the effective rate above 18 per cent including IGST.
On the Multi Commodity Exchange (MCX), silver futures showed strength. The July contract surged nearly 2 per cent to Rs 2,76,805 per kg, touching an intraday high of Rs 2,80,400. Gold futures were mixed, with the June contract gaining 0.44 per cent to Rs 1,59,250 per 10 grams.
Internationally, spot gold steadied around $4,540 per ounce, supported by a weaker US dollar that offset rising Treasury yields and inflation worries driven by elevated oil prices above $110 per barrel. Concerns stem from the ongoing US-Iran conflict and related supply disruptions.
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Analysts monitoring the situation, including Saumil Gandhi of HDFC Securities and Jateen Trivedi of LKP Securities, noted that volatility is likely to persist due to geopolitical developments, rupee movements, and global economic indicators such as US data releases and FOMC minutes. Domestic prices continue to be influenced by import policy changes aimed at conserving foreign exchange reserves. City-specific rates, such as in Bengaluru and Chennai, aligned with the national trend for 22-carat and 24-carat gold.
Markets remain watchful of broader factors, including crude oil fluctuations and international negotiations, which could shape near-term trajectories for precious metals.
