Gold Prices In India Witness Major Dip On March 6th, Silver Rates Jump By Rs 1,000
Gold prices in India declined significantly today after two consecutive days of gains, offering potential buyers a window of opportunity to make purchases at lower rates. The precious metal has been experiencing notable fluctuations in recent trading sessions, with today marking a substantial correction in domestic markets.
Global Factors Influencing Gold Rates
The recent volatility in gold prices can be attributed to multiple international factors. Recent tariff implementations have triggered concerns about a potential trade war, creating uncertainty in global markets. Currently, market participants are keeping a close watch on upcoming U.S. employment data scheduled for release this week, as these figures will provide crucial insights into the Federal Reserve's potential interest rate decisions.
Adding to the complex market dynamics, the U.S. Dollar Index has registered a significant 1.39% drop to a three-month low, a development that typically provides support for gold prices as the precious metal becomes more affordable for holders of other currencies.
Today's Gold Price Details Across Various Purities
On March 6, 2025, gold prices in India have adjusted downward across all common purity levels:
- 22-carat gold has declined by Rs 450 per 10 grams, now retailing at Rs 80,200
- 24-carat gold has dropped by Rs 490 per 10 grams, with current rates at Rs 87,490
- 18-carat gold has decreased by Rs 370 per 10 grams, now available at Rs 65,620
Bulk Purchase Rates
For those considering larger gold investments, the rates for 100-gram quantities have also adjusted downward:
- 100 grams of 24-carat gold is now priced at Rs 8,74,900, reflecting a substantial decline of Rs 4,900
- 100 grams of 22-carat gold has fallen by Rs 4,500, now costing Rs 8,02,000
- 100 grams of 18-carat gold has decreased by Rs 3,700, currently retailing at Rs 6,56,200
Silver Prices Buck The Trend
While gold rates have declined, silver prices in India have moved in the opposite direction, registering an increase for the second time this week. Current silver rates in India stand at Rs 99,000 per kilogram, marking a significant jump of Rs 1,000. For smaller quantities, 100 grams of silver is now priced at Rs 9,900, representing an increase of Rs 100.
Gold Rates Across Major Indian Cities
Most major cities across India are experiencing similar price trends for gold. Here's a snapshot of current gold rates in key metropolitan areas:
- Delhi: 24-carat at Rs 87,640 and 22-carat at Rs 80,350
- Mumbai: 24-carat at Rs 87,490 and 22-carat at Rs 80,200
- Chennai: 24-carat at Rs 87,490 and 22-carat at Rs 80,200
- Bangalore: 24-carat at Rs 87,490 and 22-carat at Rs 80,200
MCX Futures Performance
On the Multi Commodity Exchange (MCX), gold futures have continued their upward trajectory. Gold futures contracts maturing on April 4, 2025, have increased by 0.22% to reach Rs 86,022. Similarly, silver futures set to expire on March 5, 2025, have also gained momentum, trading 0.39% higher than the previous close at Rs 97,925.
Market analysts suggest that "MCX Gold April is expected to rise towards the Rs 86,400 level as long as it stays above the Rs 85,300 level. MCX Silver May is projected to rise further towards the Rs 98,200 level provided it maintains support above the Rs 96,500 level."
Expert Market Outlook
According to the latest research report from a leading financial institution, "Gold is expected to continue with its upward trend and rally further towards the $2,935 level on weakness in the dollar and safe-haven buying. The dollar is showing weakness as recent economic data from the US has signaled a slowdown in economic growth."
The report further notes that concerns about potential trade tensions "will have adverse effects on the economy, prompting the US Federal Reserve to lower interest rates. The market currently expects approximately 69 basis points of rate cuts by the Fed this year, more than previously anticipated due to signs of economic deceleration."
Investors are advised to monitor upcoming economic releases and central bank decisions carefully, as these will likely influence precious metal prices in the near term. Technical analysis suggests that spot gold is likely to maintain support near the $2,890 level and could potentially rise towards the $2,935 mark in the coming sessions.
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