Just a day before the auspicious festival of Akshaya Tritiya, gold prices in India have witnessed a noticeable decline, halting the recent upward trend. The correction comes amid cautious global market sentiment and easing geopolitical tensions, which have slightly reduced the safe-haven appeal of precious metals.
On April 18, the price of 24-carat gold in Delhi dropped to ₹1,54,340 per 10 grams, while 22-carat gold stood at ₹1,41,490 per 10 grams. This marks a decline compared to the previous session, when prices had already fallen by around ₹1,600.
Similar trends were observed across other metro cities:
Other cities such as Ahmedabad, Jaipur, Lucknow, and Chandigarh also recorded similar price levels, reflecting a broad-based dip in domestic gold rates.
| City | 22K Gold (₹/10g) | 24K Gold (₹/10g) |
|---|---|---|
| Delhi | 1,41,490 | 1,54,340 |
| Mumbai | 1,41,340 | 1,54,190 |
| Ahmedabad | 1,41,390 | 1,54,240 |
| Chennai | 1,42,090 | 1,55,010 |
| Kolkata | 1,41,340 | 1,54,190 |
| Hyderabad | 1,41,340 | 1,54,190 |
| Jaipur | 1,41,490 | 1,54,340 |
| Bhopal | 1,41,390 | 1,54,240 |
| Lucknow | 1,41,490 | 1,54,340 |
| Chandigarh | 1,41,490 | 1,54,340 |
The recent softening in gold prices is largely attributed to global developments. In the international market, spot gold is currently trading around $4,786.90 per ounce, while investors remain cautious amid evolving geopolitical conditions.
A temporary ceasefire between Israel and Lebanon, along with improving diplomatic signals between the United States and Iran, has reduced immediate uncertainty. As a result, demand for gold as a safe-haven asset has slightly weakened.
Additionally, a stronger US dollar has also put pressure on gold prices. Since gold is priced globally in dollars, any appreciation in the currency tends to make gold more expensive for other economies, thereby dampening demand.
Silver, often considered a parallel investment to gold, has also seen a sharp correction. On April 18, domestic silver prices dropped to around ₹2,64,900 per kilogram, reflecting a significant fall.
In the previous trading session, silver had already declined by approximately ₹5,700 (around 2.2%), settling near ₹2,53,000 per kilogram in Delhi markets. Meanwhile, international spot silver prices are hovering near $79.28 per ounce.
Despite the recent dip, demand for gold is expected to remain strong as Akshaya Tritiya approaches. The festival is traditionally associated with buying gold as a symbol of wealth and good fortune.
Market experts believe that while price volatility may continue in the short term, underlying demand remains intact due to festive buying and long-term investment interest. Buyers may see the current dip as an opportunity to enter the market at relatively lower levels.
Gold and silver prices have taken a breather just ahead of one of the most important buying occasions in India. While global cues are currently influencing short-term trends, domestic demand driven by cultural and investment factors is likely to keep the market active.
For buyers planning purchases this Akshaya Tritiya, the current price dip could offer a timely opportunity—provided they keep an eye on both global developments and currency movements.
