Gold and silver prices in India witnessed a decline on April 9 amid renewed geopolitical tensions in West Asia, triggered by fresh Israeli military action against Hezbollah in Lebanon, adding pressure to already volatile global markets.
Gold, Silver Prices Slip in Domestic Market
On the Multi Commodity Exchange (MCX):
- Gold fell 0.46% to ₹1,51,084 per 10 grams
- Silver dropped 1.52% to ₹2,36,233 per kg
Despite the decline in futures, spot silver in India remained around ₹1,50,000 per kg, reflecting mixed sentiment in physical markets.
City-Wise Gold Rates Across India
Gold prices varied across major cities:
- Delhi: ₹1,12,000 (22K), ₹1,36,850 (24K)
- Jaipur: ₹1,12,000 (22K), ₹1,36,850 (24K)
- Ahmedabad: ₹1,11,900 (22K), ₹1,36,750 (24K)
- Mumbai: ₹1,11,850 (22K), ₹1,36,700 (24K)
- Bengaluru: ₹1,11,850 (22K), ₹1,36,700 (24K)
- Chennai: ₹1,11,850 (22K), ₹1,36,700 (24K)
- Kolkata: ₹1,11,850 (22K), ₹1,36,700 (24K)
Why Prices Are Falling
Analysts attribute the decline to:
- Strengthening US dollar
- Ongoing geopolitical volatility in the Middle East
- Market correction after previous rally
Gold has already fallen over 14% this month, marking its sharpest monthly drop since 2008.
Geopolitical Trigger
The market sentiment weakened after reports of escalating strikes in Lebanon, including attacks on residential and commercial areas linked to Hezbollah. The situation has raised fears of wider regional instability affecting global trade routes and investor confidence.
Outlook
While gold is traditionally seen as a safe-haven asset, short-term volatility is expected to continue as global investors react to shifting geopolitical developments and currency movements.