The gold rate today has continued to exhibit a downward trend for the fourth consecutive day. Therefore, on March 3, 2025, the precious metal depreciated: the price of 24-carat gold fell by ₹240, while that of 22-carat gold reduced by ₹200. This phenomenon is an outcome of falling gold prices that have begun to seem an accepted prevailing trend.
At present, 24-carat gold in major Indian cities is at a price close to ₹86,600, while for 22-carat gold the quotation is close to ₹79,300. At the same time, silver prices have been stable at ₹96,900 per kilogram. If you are planning to make purchases for either gold or silver, now is a good time to check the current rates and make an informed decision.
Causes of Falling Gold and Silver Prices
The noticeable gold price fall is a consequence of the strengthening US dollar. “The dollar was strong after the US president announced new tariffs on Mexico and Canada,” says Rahul Kalantri, a commodities expert at Mehta Equities. The low demand for gold thus put additional pressure on its prices.
Also, speculation that the Federal Reserve may not cut interest rates for a while is now affecting the bullion market. Global economic uncertainties and subdued investor sentiment have added their weight on prices of gold.
Gold Price in New Delhi and Mumbai
24-carat gold price fell for the fourth consecutive day in Delhi, standing now at ₹86,760 per 10 grams. The price of 22-carat gold, too, is valued at ₹79,540 per 10 grams.
Mumbai is not too different. 24-carat gold is currently priced at ₹86,610 per 10 grams while 22-carat gold currently trades at ₹79,390 per 10 grams.
Here is a quick survey of gold rates in four major Indian cities as on March 3, 2025:
| City | 22-Carat Gold Rate | 24-Carat Gold Rate |
|---|---|---|
| Delhi | ₹79,540 | ₹86,760 |
| Chennai | ₹79,390 | ₹86,610 |
| Mumbai | ₹79,390 | ₹86,610 |
| Kolkata | ₹79,390 | ₹86,610 |
How Gold Prices Set?
Gold price in India is controlled by factors like:
- International Market Trends
- Government Duties/Taxes
- Rupee-dollar Exchange Rates Fluctuations
In India, gold is not merely a financial asset; it has a very high social and emotional value. Its demand increases during wedding festivals and auspicious occasions, integral parts of Indian culture and influence in these festivals.