New Delhi: Gold and Silver prices declined on Thursday, February 26. The price of 24-carat gold went down by Rs 430 to reach Rs 161,130 per 10 grams. Meanwhile, silver prices fell by Rs 2,970 to Rs 266,600 per kilogram. The prices of the precious metals dropped due to weakness in the international market. On MCX, both Gold and Silver were under pressure.
According to market experts, the direction of prices ahead will be determined by the global market and the movement of the dollar. On MCX, gold traded lower at Rs 160,674 per 10 grams. However, over the past week, gold prices have recorded a rise by about 3.91 percent. A year ago, gold was available at Rs 86,140 per 10 grams, which is significantly lower than current levels.
Silver prices also fell to Rs 266,600 per kilogram today. On MCX, the white metal was priced at Rs 265,242 per kilogram. However, over the past week, silver witnessed recorded a jump of about 9.93 percent.
Commenting in the Gold price, Kedia Advisory stated that in the US market, gold is trading at $5,202 per ounce and silver at $89.16 per ounce. When the dollar strengthens, it puts pressure on gold and silver prices. Apart from this, global economic conditions, interest rates, and geopolitical tensions also affect prices. In India, due to local taxes and logistics costs, prices may vary across different cities.
Gold Holds Above $5,180 Near Four-Week High
Gold held firm above $5,180 per ounce on Thursday, extending prior gains and hovering near a near four-week high as geopolitical and trade risks underpinned safe-haven demand. Rising US troop presence in the Middle East and upcoming nuclear talks in Geneva kept investors cautious, while Washington imposed fresh sanctions on Iranian-linked entities, the financial advisory group said. President Donald Trump signaled tariffs could rise to 15% from 10%, according to Trade Representative Jamieson Greer. Meanwhile, persistent inflation concerns led markets to delay expectations for the next rate cut from the Federal Reserve to September, it added.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, InvITs and any form of alternative investment instruments and crypto assets.)