India’s gold and silver markets are experiencing notable trends influenced by domestic and international factors.
Current Prices:
- Gold: Prices in India range from ₹76,103 (Kolkata) to ₹76,608 (Lucknow) per 10 grams.
- Silver: Prices have risen by ₹443, with rates ranging between ₹91,146 and ₹91,589 per kilogram across major cities.
Market Dynamics:
- Gold Discounts: Indian gold dealers are offering discounts up to $30 per ounce, the highest in six months, to clear imported stocks ahead of potential duty changes in the upcoming federal budget on February 1.
- Import Trends: After a record $14.8 billion in gold imports in November 2024, December saw a significant decline to approximately $5 billion, attributed to high domestic prices and the absence of major festivals.
Global Influences:
- US Federal Reserve Policy: The Federal Reserve’s indication of only two rate cuts in 2025 has impacted global precious metal prices, leading to a decline in gold and silver rates.
Future Outlook:
- Price Forecasts: Analysts project that gold prices will rise 14% to average $2,750 per ounce in 2025, while silver is expected to increase by 23% to an annual average of $36.50 per ounce.
In summary, India’s gold and silver markets are currently influenced by domestic pricing strategies, import patterns, and global economic policies. Investors and consumers should monitor these factors closely, especially with the forthcoming federal budget and anticipated changes in the international economic landscape.
