New Delhi is witnessing a welcome dip in gold prices, offering much-needed relief to prospective buyers amid ongoing market volatility. On Wednesday, the domestic bullion market saw a modest decline in gold rates, even as silver continued its upward trajectory.
According to the India Bullion and Jewellers Association (IBJA), 24-karat gold fell by 233 rupees to settle at 1,59,008 rupees per 10 grams, down from the previous 1,59,241 rupees. Similarly, 22-karat gold declined to 1,45,651 rupees per 10 grams from 1,45,865 rupees, while 18-karat gold dropped to 1,19,256 rupees per 10 grams from 1,19,431 rupees.
In contrast, silver prices surged sharply by 2,505 rupees, reaching 2,65,417 rupees per kilogram, up from 2,62,912 rupees. This divergence highlights the complex dynamics at play in the precious metals market.
On the Multi Commodity Exchange (MCX), gold for April 2026 contracts rose 0.51% to 1,60,791 rupees, while silver for March 2026 climbed 2.31% to 2,66,756 rupees. Globally, Comex gold advanced 0.46% to 5,199 dollars per ounce, and silver jumped 3.40% to 90.48 dollars per ounce.
Market analyst Jatin Trivedi from LKP Securities noted a 900-rupee rally in MCX gold recently, attributing it to sustained demand fueled by the Iran-Israel conflict. He identifies support at 1,55,000 rupees and resistance near 1,64,000 rupees for gold.
Over the past year, gold has delivered approximately 80% returns, while silver has skyrocketed over 180%, underscoring their appeal as safe-haven assets amid geopolitical tensions and economic uncertainties. Buyers should watch these levels closely for potential investment opportunities.