Gold Prices Today Hold at ₹1.46 Lakh in Delhi

Gold Prices remained steady at ₹1.46 lakh per 10 grams in New Delhi on Thursday as elevated rates continued to discourage fresh purchases by jewellers and retail buyers. Silver Prices, meanwhile, increased by ₹500 to ₹1,98,500 per kilogram, inclusive of all taxes, according to the All India Sarafa Association.

The domestic Bullion Market showed mixed movements as investors assessed international price trends, signals from the US Federal Reserve and persistent inflation concerns. While gold held steady in the national capital, silver recorded a modest gain after closing unchanged in the previous session.

Gold Holds Steady as Buyers Remain Cautious

Gold prices were unchanged at ₹1.46 lakh per 10 grams on Thursday, with traders reporting limited buying interest amid elevated prices. Jewellers and retailers have remained cautious about fresh purchases as high rates continue to influence demand in the domestic market.

Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said domestic gold prices remained stable amid range-bound movements in international markets and mixed signals from global economic indicators.

Market participants are closely monitoring developments in US monetary policy, particularly the Federal Reserve’s approach to interest rates. Expectations of tighter monetary conditions can weigh on gold because the precious metal does not generate interest income, making interest-bearing assets relatively more attractive when yields rise.

However, declining US Treasury yields and lower crude oil prices provided some support to the bullion market. These competing factors have contributed to uncertainty over the near-term direction of gold prices.

Silver Prices Rise to ₹1,98,500 per Kilogram

Silver prices climbed ₹500 to ₹1,98,500 per kilogram in Delhi on Thursday, inclusive of all taxes. The metal had closed unchanged at ₹1.98 lakh per kilogram on Wednesday.

Despite the domestic increase, international silver prices came under pressure. Spot silver declined by approximately 3% to $52.41 per ounce, reflecting weakness across precious metals markets.

Silver prices are influenced by several factors, including interest-rate expectations, investment demand and industrial consumption. The metal’s use in manufacturing and other industrial applications can make its price movements more sensitive to changes in global economic expectations than those of gold.

International Gold Prices Fall as Fed Outlook Weighs

In international markets, spot gold fell by $49.38, or 1.21%, to $4,018.08 per ounce on Thursday. The decline reflected pressure from expectations surrounding the Federal Reserve’s monetary policy and concerns about persistent inflation.

Vedika Narvekar, Research Analyst for Commodities and Currencies at Anand Rathi Share and Stock Brokers, said gold remained under pressure around $4,024 per ounce as the Fed’s hawkish outlook and energy-driven inflation strengthened expectations of further monetary policy tightening.

A hawkish central bank generally signals a preference for maintaining higher interest rates or tightening monetary conditions to control inflation. Such expectations can reduce the appeal of non-yielding assets such as gold, particularly when investors anticipate stronger returns from bonds and other interest-bearing investments.

The Federal Reserve’s policy outlook has therefore become a key factor for precious metals traders. Any change in expectations about interest rates, inflation or economic growth could influence investment flows and create further price volatility.

Crude Oil Prices and Inflation Add to Market Uncertainty

Energy prices remain another important influence on the precious metals market. Firm crude oil prices can increase inflationary pressures by raising transportation, manufacturing and other business costs. If inflation remains persistent, central banks may be less willing to reduce interest rates.

Narvekar noted that firm crude oil prices, uncertainty over the Fed’s policy direction and equity-market liquidations were contributing to volatility. These factors have complicated the outlook for gold and silver, leaving traders to balance competing economic signals.

Geopolitical risks and central-bank gold purchases could provide some support to prices. Gold is often viewed as a safe-haven asset during periods of political or economic uncertainty, while purchases by central banks can contribute to underlying demand.

However, these supportive factors may not fully offset pressure from higher interest-rate expectations or persistent inflation. As a result, precious metals could continue to experience sharp movements as investors respond to fresh economic data and policy signals.

What Gold and Silver Buyers Should Watch

For Indian consumers, elevated bullion prices remain a key consideration when planning jewellery purchases. Stable domestic gold prices do not necessarily indicate that prices have reached a long-term peak, particularly when international markets remain sensitive to monetary policy and geopolitical developments.

Jewellers may continue to experience cautious buying while prices remain high, although demand can also vary with seasonal purchases, weddings and festive occasions. Silver buyers should similarly monitor both domestic rates and international price movements because gains in one market may not always match trends in another.

Investors will be watching the Federal Reserve’s policy signals, US Treasury yields, crude oil prices and inflation data for clues about the next direction of precious metals. Geopolitical developments and central-bank demand will also remain relevant to the outlook.

For now, gold’s steady domestic price and silver’s modest gain contrast with declines in international bullion markets. The divergence highlights how local prices can be influenced by domestic market conditions alongside global economic developments.