Indian bullion markets witnessed a downward trend in mid-day trade on Tuesday, April 21, as precious metals gave up recent gains. As of 12:18 PM IST, silver prices showed significant weakness, sliding by nearly 1%, while gold remained under pressure due to a firming greenback and shifting geopolitical sentiments in West Asia.
Gold prices in India saw a marginal decline following global cues. The benchmark 24-carat gold is currently retailing at ₹15,528 per gram, bringing the cost of 10 grams to ₹1,55,280—a slight dip from the previous session's high. For the jewelry-standard 22-carat gold, prices stood at ₹14,234 per gram (₹1,42,340 per 10 grams).
In major metros, Chennai reported the highest rates with 24K gold at ₹1,55,299, while Mumbai and Bangalore tracked closely with the national average.
Silver experienced a more pronounced sell-off compared to gold. On the Multi Commodity Exchange (MCX), silver futures for May delivery dropped by approximately 1%, trading at ₹2,50,210 per kilogram. Retail silver prices in cities like Delhi and Mumbai were quoted at ₹275 per gram (₹2,75,000 per kg) earlier in the day, but they have since pulled back to ₹265 per gram in several spot markets.
The primary driver for today's decline is a resurgent US Dollar Index, which makes dollar-denominated commodities more expensive for Indian buyers. Globally, spot gold eased 0.2% to trade near $4,807 per ounce, while spot silver fell 0.6% to $79.40 per ounce.
Market analysts suggest that investors are turning cautious as a two-week ceasefire in West Asia nears expiry, with eyes on a potential second round of peace negotiations between Washington and Tehran. While gold remains a primary hedge against inflation, the current high-interest-rate environment continues to provide stiff competition from yield-bearing assets like US Treasuries.
