Gold, silver prices swing; Nagpur 24-carat gold at Rs 1,54,090 per 10g

Gold prices in the domestic bullion market are seeing daily fluctuations. On Monday, major bullion markets across the country remained shut for the Ganesh Chaturthi festival, while Saturday and Sunday saw them closed for the weekly holiday. Going by the last trading session, the futures price of 24-carat gold on the Multi Commodity Exchange (MCX) touched Rs 1,52,655 per 10 grams. On the previous trading day, the rate had closed at Rs 1,52,784 per 10 grams.

According to bullion data, the spot rate for 24-carat gold was recorded at Rs 1,53,260 per 10 grams. In the international market, gold is priced at 4,390.00 dollars per ounce. In the national capital Delhi, gold prices including all taxes reached Rs 1,55,900 per 10 grams, while according to GoodReturns, the price of 24-carat gold stood at Rs 1,53,040 per 10 grams.

According to the India Bullion and Jewellers Association (IBJA), today's gold rates are as follows: 24-carat gold at Rs 1,53,018 per 10 grams, 22-carat gold at Rs 1,40,164 per 10 grams, 18-carat gold at Rs 1,14,764 per 10 grams and 14-carat gold at Rs 89,516 per 10 grams.

Across cities, today's rate for 24-carat gold remains the same in Mumbai, Pune, Nashik, Nagpur, Kolhapur, Sangli, Jalgaon and Chhatrapati Sambhajinagar at Rs 1,54,090 per 10 grams.

Bullion traders said that after a sharp rally in precious metal prices in recent days, selling pressure in the domestic market has increased significantly. This is why, despite a rally in markets worldwide, Indian bullion markets saw a sharp fall in gold prices.

Saumil Gandhi, senior analyst (commodities) at HDFC Securities, said that while gold prices in overseas markets have seen some recovery, the metal continues to face sustained pressure and is headed for its third straight weekly decline.

He said that rising crude oil prices in the international market have once again raised fears of increasing inflation. Besides this, rising returns on US treasury bonds and the growing possibility of an interest rate hike have together put heavy pressure on non-interest-bearing assets like gold.