Gold, silver stagnate: Prices expected to trade sideways in near future

New Delhi (The Uttam Hindu) : Gold and silver prices have seen little change this week, keeping prices in a narrow range. According to the India Bullion Jewelers Association (IBJA), the price of 24-carat gold is ₹1,20,100 per 10 grams, compared to ₹1,20,770 per 10 grams on the same day last week. This shows that gold prices have declined by ₹670 per 10 grams over the past week.

The price of 22-carat gold has fallen to ₹1,10,012 per 10 grams, down from ₹1,10,625 previously. The price of 18-carat gold has fallen from ₹90,578 per 10 grams to ₹90,075 per 10 grams. Along with gold, silver prices have also remained weak. Silver prices have fallen by ₹850 in a week to ₹1,48,275 per kg, down from ₹1,49,125 per kg last week. Gold and silver prices have been steadily declining since Diwali. At that time, the price of 24-carat gold had reached around ₹1.30 lakh per 10 grams, and silver had reached ₹1.80 lakh per kg.

Despite the recent decline, gold and silver have returned over 50 percent in the past year. Jatin Trivedi of LKP Securities said that gold prices have remained in a narrow range this week, around ₹121,000 per 10 grams. This is due to the weakening of the dollar index. In the coming days, investors will be watching the Fed members' speech and CPI data from India and the US. He further said that in the short term, gold may remain in the range of ₹118,500 to ₹124,000. Internationally, gold and silver prices are also in a narrow range. Gold is hovering around $4,000 per ounce and silver around $48 per ounce.