Gold prices in India, which are revised twice daily from Monday to Saturday, witnessed a slight uptick on Tuesday after falling for five days. In the Hyderabad bullion market, prices initially rose sharply in the morning but eased slightly by 5 PM.
According to data from GoodReturns, as of 5 PM on March 17, gold prices in Hyderabad increased across categories. The price of 24-carat gold rose by Rs 660 per 10 grams, climbing from Rs 1,57,420 to Rs 1,58,080. Meanwhile, 22-carat gold, commonly used for jewellery, went up by Rs 600, from Rs 1,44,300 to Rs 1,44,900 per 10 grams. The price of 18-carat gold also increased by Rs 490, reaching Rs 1,18,560 from Rs 1,18,070.
Silver prices also recorded a notable rise. The price of silver jumped by Rs 4,000 per kilogram to reach Rs 2,80,000, while the price per tola stood at Rs 2,800. On the Multi Commodity Exchange (MCX), gold futures for April rose by 0.23% (Rs 364) to trade at Rs 1,56,100. However, silver futures for May fell by 1.19%, dropping Rs 3,062 to trade at Rs 2,53,470.
In the international market, both gold and silver prices saw a slight decline. Gold was trading at $5,002 per ounce, while silver stood at $78 per ounce. Currently, India is in the middle of the wedding and festive season, which typically drives up demand for gold. While geopolitical tensions between Iran and the United States were expected to push prices higher, the impact has been limited. After an initial surge, gold prices corrected.
Market experts suggest that increased investment in crude oil and a strengthening US dollar have reduced investor interest in gold, preventing a sharper rise in prices. For buyers and investors, staying updated with daily price movements is crucial to understanding market trends and making informed decisions. Global geopolitical developments, economic shifts, and market sentiment continue to play a key role in influencing gold prices.
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