Nagpur gold, silver prices soften for third straight day

Gold prices in Nagpur's local bullion market softened for the third consecutive day. On Wednesday, gold fell Rs 700 to Rs 1,53,200 per 10 grams, against Rs 1,53,900 per 10 grams in the previous trading session.

The decline is being attributed to a stronger dollar and weak global sentiment, which affected investor confidence. Silver prices also fell by a similar Rs 700 to Rs 2,36,200 per kilogram, against Rs 2,36,900 per kilogram in the previous session.

Bullion traders said gold softened on Wednesday because traders booked profits at higher levels. The dollar index also moved towards the 100.85 level, adding further pressure on bullion prices. Gold rates have remained weak over the past few days.

However, compared to a year ago, the precious metal is still significantly more expensive. This is also changing the way domestic customers are buying gold. A 15 percent drop in Ganesh Chaturthi sales does not mean people's affinity for gold has declined, but reflects a shift in their buying patterns. Domestic gold prices have risen by around 60 percent in a year.

As for today's rates, 24 carat gold (10 grams) is priced at Rs 1,51,270, 22 carat gold (10 grams) at Rs 1,38,560, and 18 carat gold (10 grams) at Rs 1,13,450. Silver is priced at around Rs 2,33,000 per kilogram, or roughly Rs 233 per gram.

Because of the sharp rise in prices in Nagpur's local bullion market, customers are now preferring lighter, fancy designs over heavy traditional jewellery. Many customers are also leaning towards modern investment options such as digital gold and gold ETFs alongside physical gold.

Market experts believe that despite the recent fall, demand is fully expected to pick up again with major festivals such as Navratri, Dhanteras and Diwali, as well as the wedding season, approaching. Bullion traders are confident that the market will regain its buzz and customer purchases will rise as the festive season begins.