In major markets, the price of ten grams of 24-carat gold stood at Rs 1,34,170 in Mumbai and Kolkata, while it was higher at Rs 1,35,270 in Chennai. In the national capital, Delhi, ten grams of 24-carat gold was priced at Rs 1,34,320
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Gold prices edged lower in early trade on Monday, while silver also witnessed a decline across major Indian cities.
The price of 24-carat gold slipped by Rs 10, with ten grams of the precious metal trading at Rs 1,34,170. Similarly, 22-carat gold also saw a marginal decline of Rs 10, with ten grams priced at Rs 1,22,990.
In major markets, the price of ten grams of 24-carat gold stood at Rs 1,34,170 in Mumbai and Kolkata, while it was higher at Rs 1,35,270 in Chennai. In the national capital, Delhi, ten grams of 24-carat gold was priced at Rs 1,34,320.
For 22-carat gold, ten grams was priced at Rs 1,22,990 in Mumbai, Kolkata, Bengaluru, and Hyderabad, while Chennai recorded a higher rate of Rs 1,23,990. In Delhi, the price of ten grams of 22-carat gold stood at Rs 1,23,140.
Silver prices also softened in early trade. The price of one kilogram of silver declined by Rs 100 to Rs 2,13,900 in Delhi, Kolkata, and Mumbai. In Chennai, silver was trading at a higher level of Rs 2,25,900 per kilogram.
Market participants are closely monitoring global cues and currency movements for further direction in precious metal prices.
Gold rises to record high over strong safe haven demand
Meanwhile, driven by reports on expected US Federal Reserve rate cuts in 2026 and strong safe haven demand among investors, spot gold went up to a record high of USD 4,383.73 per ounce on Monday.
In 2025, gold has seen a meteoric rise, up around 67 per cent amid geopolitical uncertainties and tariffs.
According to analysts, gold and silver prices advanced last week and began the new week by touching fresh lifetime highs in both domestic and international markets.
The rally followed the US Federal Reserve’s third interest rate cut of 25 basis points this year.
“Further support came from softer US CPI inflation, which eased to 2.7 per cent year-on-year, strengthening expectations of additional rate cuts next year,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd, reported IANS.
Meanwhile, the Bank of Japan raised interest rates by 25 basis points, but its less-hawkish-than-expected stance provided additional support to precious metal prices.
“Gold has support at USD 4,320-4,285 while resistance at USD 4,400-4,425. Silver has support at USD 66.40-65.75 while resistance is at USD 67.20-68.00,” he mentioned, reported IANS.
In Indian rupee, gold has support at Rs 1,33,550-1,33,010 while resistance at Rs 1,35,350-1,35,970. Silver has support at Rs 2,07,450-2,06,280 while resistance at Rs 2,09,810, 2,10,970, said analysts, reported IANS.
However, ensuing dollar strength can be a headwind for gold prices.
While market volatility continues, resolution in geo-political situations need to come down for the risk premium to cool – a high-risk premium situation has led to Central Banks extending their purchase of gold and can remain a long-term tailwind for gold prices,” according to a note by Yes Bank, reported IANS.
MCX Silver Futures continue to mirror COMEX price action, sustaining above the Rs 2,07,800 breakout level with healthy volumes and constructive structure.
“Holding above this zone keeps near-term upside targets of Rs 2,10,000–Rs 2,13,000 active. Immediate support is placed near Rs 1,99,200, with deeper support around Rs 1,91,000 if a broader corrective phase unfolds. Overall, the trend remains decisively positive, and any corrective dips are likely to attract buying interest rather than signal a reversal,” according to Ponmudi R, CEO of Enrich Money, reported IANS.
(With inputs from IANS)
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