Gold and silver prices staged a sharp rebound on Tuesday, snapping a five-day losing streak as investor sentiment improved after the India-US trade agreement.
The deal, which cuts US reciprocal tariffs on Indian goods to 18 per cent from 25 per cent, saw confidence in export-oriented sectors such as gems and jewelry and led to a strong recovery in prices of precious metals after days of steep losses.
Local Gold And Silver Prices
In the physical bullion market, prices remained largely steady compared to Monday. Twenty-four carat gold was trading around Rs 1,51,750 per 10 grams, about Rs 142 lower than the previous session. Silver was priced near Rs 2,80,000 per kg, roughly Rs 200 lower on the day.
Local bullion prices often differ from Multi Commodity Exchange (MCX) prices due to taxes, making charges, and regional demand.
City-wise gold rates (per 10 grams):
- Mumbai: Rs 1,42,890
- Delhi: Rs 1,42,640
- Bengaluru: Rs 1,43,000
- Chennai: Rs 1,43,300
- Hyderabad: Rs 1,43,110
- Kolkata: Rs 1,42,700
City-wise silver rates (per kg):
- Mumbai: Rs 2,32,840
- Delhi: Rs 2,32,440
- Bengaluru: Rs 2,33,020
- Chennai: Rs 2,33,260
- Hyderabad: Rs 2,33,210
- Kolkata: Rs 2,32,530
Gold And Silver Future Prices
In the futures market, silver for March delivery jumped by Rs 20,639 to cross Rs 2,56,900 per kg by noon. Gold for April delivery rose by Rs 7,300 to move past Rs 1,51,290 per 10 grams.
The rebound follows a steep correction over the past few days. Silver earlier slipped close to Rs 2 lakh from its record high of around Rs 4.20 lakh per kg, while gold had dropped from nearly Rs 1.93 lakh per 10 grams to about Rs 1.43 lakh.
On Monday, silver fell to as low as Rs 2.25 lakh per kg before a sharp recovery on Tuesday. Gold also gained more than Rs 5,000 at the opening of futures trade.
Jewellery Stocks Gain
Gems and jewelry stocks also moved higher. Goldiam International and Vaibhav Global surged 20 per cent each. Kalyan Jewellers India gained 7.61 per cent, Senco Gold rose 7.41 per cent, while Titan advanced 4.6 per cent.
How Markets Reacted To India-US Trade Deal
Investor sentiment improved after the two nations agreed to cut US reciprocal tariffs on Indian goods. Equity markets reacted positively. The BSE Sensex was trading 2,390.71 points, or 2.94 per cent higher, at 84,065.17, while the NSE Nifty rose 707 points, or 2.8 per cent, to 25,794.30 by 12 pm Tuesday.
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