Gold-Prices

December 23 Sees Gold and Silver Prices Drop as Strong US Dollar Affects Precious Metals Across Major Indian Cities

 

On December 23, 2024, gold prices dipped slightly because of the higher US dollar in the international markets. The change has indeed affected the prices of gold and silver in India to a noticeable extent. 

The price of 24K gold declined by ₹10 in Delhi to ₹77,590 per 10 grams. 22K gold was available at ₹71,140 per 10 grams. In Mumbai, a similar slump was seen wherein 24K gold is now at ₹77,440 and 22K gold at ₹70,990 per 10 grams.

 

US Dollar Boosts Prices of Precious Metals

 

The downtrend in the prices of gold is also because of the appreciation of the US dollar. Since the last policy announcements of the US Federal Reserve, the dollar went up in the world markets. This has meant bond yields have gone up, pushing non-yielding assets to less desirable levels for the investors. Consequently, the prices of gold on the world market have only slightly changed since they are trading a tad bit higher at $2,624 an ounce during early Asian markets.

Despite the decline in gold prices locally, gold recovered slightly on December 22 after experiencing losses earlier this week. In fact, the precious metal was traded at a narrow range between $2,617 an ounce and $2,627 on global markets.

 

Silver Prices Also Drop Back

 

Along with gold, silver prices have also decreased. In early Monday trade, silver dropped by ₹100 per kilogram in major cities, now priced at ₹91,400 per kg in Delhi. 

In Chennai, the price of silver stood at ₹98,900 per kg, reflecting slight regional variations. Silver's global performance has been relatively stable, with spot silver trading at $29.66 an ounce, a 0.52% increase.

 

City-Wise Breakdown of Gold and Silver Prices

 

Gold prices were similarly priced across key cities of India. In Chennai and Kolkata, 24K gold was priced at ₹77,440 per 10 gm, and 22K gold was ₹70,990 per 10 gm. Silver witnessed stability in most cities, though it was a tad above Chennai due to a few local demand factors.

These fluctuations should interest those planning to buy or invest in gold and silver since local and global factors control the prices. According to experts, the investment in gold will continue, but its price will be impacted by the US dollar's performance in the near future.

 

Looking Ahead: What's Next for Gold and Silver

 

As we move ahead in December, it becomes apparent that gold and silver will remain under pressure from a stronger US dollar and rising bond yields. However, there might be a demand for gold and silver during the holiday season, which can influence prices in India. So, always keep track of both global and local markets to get the best value for precious metals.