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Gold prices in India saw a marginal decline on Monday, December 2, in line with global market trends. Spot gold fell by 1% to $2,627 per ounce, retreating from an earlier high of $2,653 per ounce. The decline followed the strengthening of the US dollar and a cautious stance by the US Federal Reserve regarding rate cuts, which pressured the precious metal. Despite this, domestic demand for gold, particularly during the ongoing wedding season, provided some support to the market.

In major Indian cities, 24K gold prices dropped by ₹10 to ₹78,140 per 10 grams in Delhi, while 22K gold also decreased by ₹10 to ₹71,640 per 10 grams. In Mumbai, Chennai, and Kolkata, the prices for 22K and 24K gold were ₹71,490 per 10 grams and ₹77,990 per 10 grams, respectively. Gold had risen on Saturday, with 24K gold gaining ₹660 per 10 grams to ₹78,150 and 22K gold increasing by ₹610 to ₹71,640. The fluctuations reflect global market conditions and the seasonal uptick in demand, particularly in India’s wedding season.

Silver prices also fell in India on December 2, with the metal declining by ₹100 to ₹91,400 per kilogram in major markets. In Chennai, silver prices were higher at ₹99,900 per kilogram. Globally, silver prices dropped 1.28%, trading at $30.20 per ounce after hitting a high of $30.60 per ounce in earlier sessions. The price correction in silver follows its brief surge earlier in the week, driven by geopolitical tensions between Israel and Lebanon, which had pushed the metal higher.

Both gold and silver prices are heavily influenced by the strength of the US dollar, which impacts the price of commodities globally. A stronger dollar typically makes gold and silver more expensive for holders of other currencies, leading to price adjustments. The US Federal Reserve's cautious approach to rate cuts has contributed to the current market conditions, further weighing on the prices of precious metals. As of Monday, both gold and silver were trading lower compared to their highs earlier in the week.

The precious metals market remains highly sensitive to global economic and geopolitical events. The fluctuations in gold and silver prices this week are tied to broader market dynamics, including changes in the value of the dollar, central bank policies, and geopolitical risks. Despite the recent price decline, precious metals remain a key asset in global markets, influenced by a range of factors such as inflation concerns, monetary policies, and international conflicts.