Bullion counters in the domestic market witnessed renewed downward pressure on Saturday, reversing part of the metal's previous recovery. This downward adjustment follows an earlier sharp upswing that had lifted 24-karat gold by over Rs 10,000 per 100 grams. Although the precious metal managed to hold relatively firm throughout the prior trading week, an advancing US dollar alongside climbing bond yields ultimately eroded buying support. In contrast, silver prices across the country showed steady movement, remaining unchanged on Saturday.
Current Pricing for 24-Karat Gold
The rate for benchmark 24-karat pure gold settled at Rs 14,918 per gram today, marking an easing of Rs 110 from its previous mark. Retail buyers purchasing an 8-gram sovereign will now encounter a cost of Rs 1,19,344. For standard retail transactions of 10 grams, the pricing stands at Rs 1,49,180. For bulk transactions, the price of 100 grams of 24-karat gold settled at Rs 14,91,800, representing a noticeable decrease of Rs 11,000 over the session.
Revisions in 22-Karat Jewelry Gold
Popular jewelry-grade 22-karat gold also experienced a downward shift, falling by Rs 100 to trade at Rs 13,675 per gram. Consequently, the expenditure required for an 8-gram unit declined to Rs 1,09,400, while the widely monitored 10-gram denomination stood at Rs 1,36,750. For institutional jewelry fabricators and large buyers, 100 grams of 22-karat gold settled at Rs 13,67,500, recording a decline of Rs 10,000.
Trends Across 18-Karat Gold Tiers
Lightweight ornaments and budget-tier 18-karat gold mirrored the broader decline across the bullion spectrum. The rate retreated to Rs 11,189 per gram, reflecting an Rs 82 drop. At this valuation, 8 grams of 18-karat gold commands Rs 89,512, whereas 10 grams is positioned at Rs 1,11,890. Accumulating 100 grams of this purity now requires Rs 11,18,900, down by Rs 8,200 compared to prior valuations.
Silver Maintains Established Price Levels
Unlike the softness observed in gold, domestic silver quotes remained flat across all retail and industrial brackets, posting zero variation from the previous session. The white metal held steady at Rs 235 per gram. Correspondingly, an 8-gram purchase requires Rs 1,880, while a 10-gram packet trades at Rs 2,350. An allocation of 100 grams stands firm at Rs 23,500, and a full kilogram of industrial-grade silver remains quoted at Rs 2,35,000.
Macro Drivers and Expert Perspectives
Explaining the market trends, Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd. and President of IBJA, noted that gold and silver slid further as traders awaited the US jobs report, suffering monthly contractions of 8.5% and 13.5% respectively. He pointed out that the greenback climbed to a three-month peak fueled by higher Treasury yields, while unresolved talks regarding an Iran ceasefire sustained underlying inflation fears. These overlapping macro dynamics have created sustained headwinds for precious metal investments.
