Retail gold prices across Indian markets started the week on a weaker note, offering relief to retail buyers across purity categories. While the domestic spot rates for the yellow metal slipped, bullion in the overseas market moved in the opposite direction, trading firmly above the $4200 per ounce mark. The downward revision in India was visible across 24-karat, 22-karat, and 18-karat categories, impacting both single-gram rates and larger 10-gram and 100-gram transactions.
Global Market Drivers and Geopolitical Shifts
In overseas trading, gold prices climbed for a third consecutive session as softening crude oil prices helped soothe inflation worries. This crude oil decline was driven by expectations that incoming Russian diesel shipments could alleviate broader fuel shortages across international markets. On Friday, President Donald Trump stated that his administration had secured an agreement for Russia to deliver hundreds of thousands of tons of diesel, pointing toward a partial rollback of Moscow's ban on diesel exports. Donald Trump also asserted that Russia and Ukraine had agreed to an energy ceasefire taking effect immediately. Alongside these geopolitical headlines, market participants are keeping a close eye on upcoming United States inflation statistics scheduled for release this week, which could provide fresh insights into the next policy move by the Federal Reserve.
Retail Rates for 24-Karat Pure Gold
The price of 24-karat fine gold with 999 purity dropped by Rs. 44 per gram in the domestic retail market, bringing the spot rate to Rs. 15,098 per gram. For buyers purchasing standard investment bars or coins, the 10-gram rate for 24K gold fell by Rs. 440, settling at Rs. 1,50,980. On larger volumes, the 100-gram denomination of 24K gold saw a reduction of Rs. 4,400, bringing its retail price down to Rs. 15,09,800.
Current Pricing for 22-Karat Jewelry Gold
Standard 22-karat gold of 916 purity, which forms the benchmark for traditional jewelry fabrication, also registered a price cut. The per-gram rate fell by Rs. 40 to trade at Rs. 13,840. Consequently, the 10-gram ticket price for 22K metal dropped by Rs. 400 to Rs. 1,38,400. For bulk purchases of 22K gold, the 100-gram category recorded a decline of Rs. 4,000, setting the latest rate at Rs. 13,84,000.
Spot Values for 18-Karat Gold
The 18-karat gold segment carrying 750 purity, popular for modern and lightweight ornament designs, declined by Rs. 33 per gram to reach Rs. 11,324 per gram. The price for 10 grams of 18K metal decreased by Rs. 330 to stand at Rs. 1,13,240. Buyers looking at the 100-gram bracket for 18-karat gold witnessed a decline of Rs. 3,300, bringing the cost down to Rs. 11,32,400.
Silver Trends and Multi Commodity Exchange Movements
In tandem with gold, the silver price in India halted its recent upward momentum on Monday morning. The white metal held at Rs. 2,40,000 per kg, while the price of 100 grams of silver edged up to Rs. 24,000. On the Multi Commodity Exchange, gold and silver futures opened Monday's trading session lower, diverging from the gains observed in spot dealings. The December 5 gold futures contract retreated by Rs. 861, or 0.57 percent, trading at Rs. 1,50,638 per 10 grams. In contrast, the July silver futures contract advanced by Rs. 555, or 0.25 percent, changing hands at Rs. 2,25,200 per kg.
