City-wise Gold and Silver Prices in India for January 5, 2024 (Significant Dip)
| City | 22K Gold Price (Rs/10 gms) | 24K Gold Price (Rs/10 gms) | Silver Price (Rs/10 gms) |
|---|---|---|---|
| Delhi | ₹58,250 | ₹63,530 | ₹740 |
| Mumbai | ₹58,100 | ₹63,380 | ₹730 |
| Bengaluru | ₹58,100 | ₹63,380 | ₹730 |
| Kolkata | ₹58,100 | ₹63,380 | ₹730 |
| Chennai | ₹58,050 | ₹63,330 | ₹720 |
| Hyderabad | ₹58,050 | ₹63,330 | ₹720 |
| Ahmedabad | ₹58,000 | ₹63,280 | ₹710 |
| Pune | ₹58,000 | ₹63,280 | ₹710 |
Note:
- Prices may vary slightly between different jewelers within the same city.
- These prices do not include taxes like GST and making charges.
- Silver prices are generally lower in Bengaluru and Chennai compared to other cities.
Gold Shines Less Bright: Prices Dip Across Indian Cities on January 5
Gold and silver prices witnessed a notable decline across major Indian cities on Friday, January 5, 2024, marking a shift from the recent upward trend. This sudden dip surprised market watchers and left investors contemplating the future trajectory of precious metal prices.
The decline was most prominent in Delhi, where the price of 22 karat gold fell by ₹450 per 10 grams compared to the previous day’s closing. Mumbai and Bengaluru followed closely, with drops of ₹400 and ₹400 per 10 grams, respectively. The 24 karat gold prices mirrored the downward trend, exhibiting similar decreases across all listed cities.
Chennai and Hyderabad registered slightly lower dips, with 22 karat gold prices falling by ₹400 and ₹400 per 10 grams, respectively. Ahmedabad and Pune witnessed the smallest declines, with prices dropping by ₹350 and ₹350 per 10 grams.
Silver prices also dipped, albeit marginally, across all cities. Delhi saw the steepest decline of ₹30 per 10 grams, while Mumbai, Bengaluru, and Kolkata experienced a ₹20 drop each. Chennai and Hyderabad witnessed even smaller falls of ₹10 per 10 grams, while Ahmedabad and Pune saw dips of just ₹5 each.
Several factors could be contributing to this sudden price decline. A stronger Indian rupee against the US dollar could be making gold imports cheaper, leading to lower domestic prices. Additionally, profit-booking by investors after recent price hikes could also be playing a role.
The unexpected dip has left market participants uncertain about the future direction of gold and silver prices. Some analysts believe the decline could be temporary, with prices rebounding in the coming days. Others, however, believe that this could be the start of a sustained downward trend.
Regardless of the future trajectory, this sudden price dip serves as a reminder of the inherent volatility of the precious metals market. Investors should carefully consider market dynamics and consult with financial advisors before making any investment decisions.