Gold Prices Fall Sharply After Modi Statement on Gold Buying
Gold rates dropped across major Indian cities after Prime Minister Narendra Modi appealed to citizens to avoid purchasing gold for one year amid economic concerns and market stability efforts.
- Gold prices decline after Modi statement
- Silver rates remain stable in major cities
- Gold rates fall in Hyderabad and Delhi
Gold prices recorded a noticeable decline across major cities in India on Monday following Prime Minister Narendra Modi’s recent appeal asking citizens to avoid purchasing gold for one year. The statement sparked widespread discussion in financial and jewellery markets, and the impact was reflected in the latest gold rates.
The price of 24 carat gold dropped by Rs 220 for 10 grams, while the rate for 100 grams witnessed a fall of nearly Rs 2200. At the same time, 22 carat gold prices also moved downward, with 10 grams becoming cheaper by Rs 200 and 100 grams declining by around Rs 2000.
Despite fluctuations in gold prices, silver rates remained steady in several cities across the country. Traders said the market remained calm during the morning session, even as buyers closely tracked the latest developments related to precious metal prices.
In Hyderabad, Vijayawada and Visakhapatnam, the price of 10 grams of 24 carat gold settled at Rs 1,52,130, while 22 carat gold was trading at Rs 1,39,450. Jewellery buyers in Telugu states continued to monitor the changing rates throughout the day.
In the national capital Delhi, 10 grams of 24 carat gold was priced at Rs 1,52,280, while 22 carat gold stood at Rs 1,39,600. Meanwhile, cities including Mumbai, Kolkata and Chennai reported 24 carat gold prices at Rs 1,53,820 for 10 grams, with 22 carat gold trading around Rs 1,41,000.
Silver prices showed no major movement in the domestic market. In Hyderabad, Vijayawada and Visakhapatnam, silver rates remained at Rs 2,85,000 per kilogram. In Delhi, Mumbai and Bengaluru, silver was priced at Rs 2,75,000 per kilogram, while Chennai recorded silver rates at Rs 2,85,000.
Market analysts believe the latest price movement has drawn increased attention from investors and jewellery buyers, especially after the Prime Minister’s remarks created fresh debate around gold consumption and financial planning in the country.
