New Delhi: After a two-day decline, gold and silver prices rebounded sharply on Wednesday. On the MCX, silver surged by over ₹5,000 per kilogram, while gold rose by more than ₹1,500 per 10 grams in early trading.
Silver Shows Strong Recovery
Silver for 5 March delivery had closed at ₹2,28,783 per kg in the previous session. Today it opened at ₹2,32,929 and touched ₹2,33,870 in early trade, marking a gain of ₹5,087. By 9:27 am, silver was trading at ₹2,33,745, up ₹4,962 from the previous close.
Gold Also Rises
Gold for 2 April delivery had closed at ₹1,51,418 per 10 grams in the previous session and opened at ₹1,53,303 today. It surged by ₹1,888 in early trade to reach ₹1,53,303. By 9:30 am, it was trading at ₹1,52,951, up ₹1,533, reflecting a 1.01% increase.
Global Market Context
Internationally, gold and silver prices saw a slight decline. Gold fell 0.2% to $4,867 per ounce, while silver dropped 0.2% to $73.30 per ounce. Experts attribute this to a stronger US dollar and easing tensions between the US and Iran, which has made investors more cautious.
City-wise Gold Rates (8 grams)
- Delhi: 22K – ₹1,13,192 | 24K – ₹1,23,472
- Mumbai: 22K – ₹1,13,072 | 24K – ₹1,23,352
- Chennai: 22K – ₹1,14,552 | 24K – ₹1,24,965
- Hyderabad: 22K – ₹1,13,072 | 24K – ₹1,23,352
The rebound in precious metal prices is expected to influence both investor sentiment and retail buying in India.
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