Mon Nov 18 10:40:00 UTC 2024: **Gold and Silver Prices Steady in India Despite Global Fluctuations**
**New Delhi, November 18, 2024** – Gold and silver prices in India remained largely unchanged in early Monday trading, despite global market shifts. While international prices saw increases driven by renewed geopolitical tensions between Russia and Ukraine, domestic demand remained weak, limiting price changes in India.
In Delhi, 24-karat gold held steady at ₹75,790 per 10 grams, and 22-karat gold remained at ₹69,490 per 10 grams. Silver also saw no significant movement, staying at ₹89,400 per kg.
Globally, however, the story was different. Spot gold prices rose 1.08% to $2,588 per ounce in early Asian trading, fluctuating between $2,561 and $2,597 overnight. This surge followed the US decision to allow Ukraine to utilize long-range weapons within Russian territory. Spot silver also saw a global increase of 1.36%, reaching $30.62 per ounce.
Last week saw a correction in gold prices after a strong performance during the recent festive season. A strengthening US dollar and rising bond yields dampened gold’s appeal as an inflation hedge. However, the renewed geopolitical tensions offered support to gold’s global price on Monday. Similarly, silver prices recovered from recent declines due to the positive global trend. The weak domestic demand, however, prevented these global price increases from significantly impacting the Indian market.
First Piper 