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Sharp volatility was witnessed in gold prices on Budget Day, as 24-carat gold on the MCX was seen falling steeply due to heavy selling pressure. In major metro cities such as Delhi, Mumbai, Bengaluru and Kolkata, gold rates were observed hovering around ₹1,69,300 per 10 grams, while the highest price of ₹1,73,010 per 10 grams was recorded in Chennai.
Silver prices were largely seen remaining stable with a marginal uptick compared to the previous session. The highest silver rate of ₹4,18,900 per kg was reported in Chennai, whereas prices in cities including Delhi, Mumbai and Pune were seen hovering close to ₹4,10,000 per kg.
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According to market experts, the recent decline in precious metal prices was driven by profit-booking after record highs, while demand for gold as a safe-haven asset continued to be supported by ongoing weakness in equity markets.