Gold and silver prices fell in the domestic market, with silver dropping by Rs 5,000.
This drop has brought significant relief to buyers. Both precious metals are trading in the red in the domestic spot market today.
Gold prices saw a decline in the national capital Delhi this Monday morning. Here, the price of 24-carat gold has slipped by Rs 110.
Following this minor drop, the price of 24-carat pure gold in Delhi has reached Rs 1,46,770 per 10 grams.
Meanwhile, 22-carat gold used for making jewelry decreased by Rs 100 to Rs 1,34,550 per 10 grams.
Additionally, the price of 18-carat gold also fell by Rs 80. It is currently trading at Rs 1,10,120 per 10 grams.
Along with gold, silver prices also recorded a major decline on Monday, attracting many potential buyers.
In the Delhi spot market, the price of silver crashed by Rs 5,000 per kilogram in early trade.
After this massive fall, the price of one kilogram of silver in Delhi has come down to Rs 2,45,000.
Other major metropolitan cities across the country also experienced a downward trend in gold prices. Rates in Mumbai and Kolkata remained identical.
In Mumbai, Kolkata, Bengaluru, Pune, and Hyderabad, 24-carat gold was priced at Rs 1,46,620 per 10 grams today.
In these cities, 22-carat gold is trading at Rs 1,34,400, and 18-carat gold is hovering around Rs 1,09,970.
Chennai recorded the highest gold prices, where 24-carat gold stood at Rs 1,47,930 per 10 grams.
In Gujarat's Ahmedabad and Vadodara, 24-carat gold was quoted at Rs 1,46,670 per 10 grams today.
In Jaipur, the capital of Rajasthan, gold rates matched Delhi's price at Rs 1,46,770 per 10 grams.
The domestic futures market, Multi Commodity Exchange (MCX), also witnessed sluggishness in gold and silver trading on Monday.
On MCX, gold for August 5 delivery fell by Rs 76 to trade at Rs 1,47,302 per 10 grams around 11 AM.
Similarly, silver for September 4 delivery dropped by Rs 553 to reach Rs 2,36,857 per kilogram.
"The pressure on gold and silver prices is due to fluctuations in global markets and weak domestic demand." - Bullion Market Expert
This recent drop in the bullion market is expected to boost retail demand ahead of the upcoming festive season.
This decline could be an excellent opportunity for investors looking to make safe, long-term investments in gold.
In the coming days, the next move of gold and silver will depend on US Federal Reserve decisions and global geopolitical situations.
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