New Delhi witnessed a subdued week for precious metals as gold and silver prices traded within a tight range, resulting in minor declines by the week’s end. According to the India Bullion and Jewellers Association (IBJA), 24-carat gold fell by 352 rupees to settle at 158,399 rupees per 10 grams, down from 158,751 rupees the previous week.
The downward trend extended to other variants, with 22-carat gold dropping from 145,416 rupees to 145,093 rupees per 10 grams. Similarly, 18-carat gold eased to 118,799 rupees per 10 grams from 119,063 rupees. Silver mirrored this softness, declining 235 rupees to 260,488 rupees per kilogram, compared to 260,723 rupees a week earlier.
Spot market fluctuations showed 24-carat gold peaking at 160,303 rupees on March 12 before hitting a low of 158,399 rupees on March 13. Silver reached a high of 270,944 rupees per kilogram on March 10, with the bottom at 260,056 rupees on March 9.
Globally, the precious metals complex faced headwinds. Gold stood at 5,061.70 dollars per ounce, down from 5,158.70 dollars, while silver slipped to 81.343 dollars from 84.311 dollars. Analysts attribute this weakness to a strengthening US dollar, with the dollar index surging past 100 to close at 100.360—its highest in five months.
Investors remain cautious amid currency strength and mixed economic signals. As markets eye upcoming policy decisions, the narrow trading range suggests consolidation before potential breakouts. Domestic buyers might find these dips opportunistic, but volatility looms large in the global arena.