Gold prices saw a slight decline on Friday, January 24, after reaching record highs earlier this week. The precious metal took a breather as global markets saw some losses overnight, with investors awaiting key U.S. PMI data and more clarity on U.S. President Donald Trump’s trade policy. As of early trade, 24K gold in major Indian cities was priced at ₹82,080 per 10 grams, while 22K gold was quoted at ₹75,240 per 10 grams. The gold prices had remained unchanged at record levels on Thursday.
Spot gold had rebounded slightly, trading higher by 0.74% at $2,775 per ounce in early Asian trade, recovering from its overnight losses. However, in Indian markets, gold prices witnessed small dips. In Delhi, the price of 24K gold fell by ₹10 to ₹82,240 per 10 grams, and 22K gold was priced at ₹75,390 per 10 grams. In Mumbai, 24K gold slipped by ₹10 to ₹82,080 per 10 grams, with 22K gold priced at ₹75,240 per 10 grams. Other major cities, such as Chennai and Kolkata, reflected similar price trends.
In terms of silver, the white metal saw a drop of ₹100 to ₹96,400 per kg in major Indian cities, primarily due to weak domestic demand. Silver had traded flat on Thursday, maintaining a price of ₹96,500. However, spot silver saw a recovery, advancing 1.16% to $30.79 per ounce in early Asian trade, helping curb some of the losses in the domestic markets. The metal moved between $30.43 and $30.80 an ounce in the early trading session.
In Indian markets, silver prices remained consistent across major cities, with prices hovering around ₹96,400 per kg in Delhi, Mumbai, and Kolkata. Chennai reported the highest silver price at ₹103,900 per kg. Despite the drop in domestic prices, silver’s price gains in global markets helped to limit the losses in India. The ongoing weak investment demand continues to cap silver’s potential for significant price movements.
Gold and Silver Price Comparison:
Here’s a comparison of gold and silver prices from earlier this week:
| Date | 22K Gold (per 10g) | 24K Gold (per 10g) | Silver Price (per kg) |
|---|---|---|---|
| Jan 24, 2024 | ₹75,240 | ₹82,080 | ₹96,400 |
| Jan 23, 2024 | ₹75,250 | ₹82,090 | ₹96,500 |
| Jan 22, 2024 | ₹75,250 | ₹82,090 | ₹96,500 |
| Jan 21, 2024 | ₹74,500 | ₹81,230 | ₹96,500 |
| Jan 20, 2024 | ₹74,500 | ₹81,230 | ₹96,500 |
| Jan 18, 2024 | ₹74,350 | ₹81,110 | ₹96,500 |
| Jan 17, 2024 | ₹73,910 | ₹80,630 | ₹95,600 |
This week, gold prices have taken a breather after their record highs, while silver has been trading in a range, driven by weak investment demand. Investors are closely monitoring the global economic situation, especially regarding U.S. trade policies, which could provide further direction for precious metal prices.
