Bullion counters across India faced continued downward momentum on Tuesday as physical gold extended its downward trajectory for the second consecutive trading session. A potent combination of surging crude oil benchmarks, escalating geopolitical unrest across the Middle East, and persistent strength in the US dollar index dampens sentiment across precious metal assets. Over the last two trading sessions alone, the cumulative drop has wiped out Rs 14,100 per 100 grams from the valuation of 24 Karat gold.
Daily Price Movements for 24 Karat Gold
On Tuesday, September 15, retail prices for benchmark 24 Karat gold contracted by Rs 92 per gram to settle at Rs 15,317 across domestic distribution channels. Across conventional consumer denominations, an 8-gram sovereign was quoted at Rs 1,22,536, while a standard 10-gram bar stood at Rs 1,53,170. For institutional and high-volume retail buyers, the price for a 100-gram lot dropped to Rs 15,31,700, marking a direct single-day reduction of Rs 9,200.
Retail Quotations for 22 Karat and 18 Karat Jewellery Metal
The standard jewellery manufacturing grade, 22 Karat gold, similarly retreated across the country during the day's trade. Rates dropped by Rs 85 per gram to stand at Rs 14,040. For an 8-gram unit, the price was pegged at Rs 1,12,320, whereas 10 grams of 22K alloy was offered at Rs 1,40,400. The broader 100-gram denomination stood at Rs 14,04,000, which reflects an overnight markdown of Rs 8,500 compared with the previous closing levels.
Lower-purity 18 Karat gold, commonly utilized for studded and contemporary daily-wear jewellery pieces, mirrored the broader market retreat by losing Rs 69 per gram to trade at Rs 11,488. The retail price for an 8-gram tranche stood at Rs 91,904, while a 10-gram transaction cost Rs 1,14,880. A 100-gram parcel was valued at Rs 11,48,800, representing an intraday dip of Rs 6,900 across domestic counters.
Silver Demonstrates Resilience with Unchanged Valuations
In contrast to the softness evident across gold categories, silver demonstrated firm consolidation by remaining flat for the fourth consecutive trading day on Tuesday, September 15. The white metal held unchanged at Rs 245 per gram, resisting broader commodity market volatility.
When assessed across standardized retail metrics, an 8-gram weight of silver was available at Rs 1,960, while 10 grams commanded Rs 2,450. A 100-gram portion remained static at Rs 24,500, and commercial buyers purchasing a 1-kilogram bar paid Rs 2,45,000, mirroring the exact quotes recorded during the prior trading sessions.
Macroeconomic Drivers and Technical Assessment
The persistent headwind against bullion valuations has been amplified by incoming macroeconomic indicators from the United States. Headline US CPI inflation rose by 3.4% in August, reinforcing prevailing expectations that the Federal Reserve may choose an ultra-cautious posture regarding near-term monetary easing and interest rate reductions.
Offering perspective on international spot action, Vedika Narvekar, Research Analyst at Anand Rathi Share and Stock Brokers Limited, evaluated the technical posture of the metal. Vedika Narvekar said,
"Gold is trying to steady itself today, trading near $4,330 an ounce. It's a small bounce, but the metal is still digesting yesterday's sharp 1.8% fall and heading for its third straight weekly loss."
With energy benchmarks remaining firm and the greenback retaining institutional support, commodity traders continue to navigate an intricate mix of macro data and shifting risk appetite, leaving precious metals sensitive to any further global currency and yield fluctuations.
