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Gold prices witnessed a steep decline in the Delhi bullion market on Friday, August 14 (Img: X)
New Delhi: After witnessing a sustained rally for several days, gold and silver prices have finally seen a major correction, bringing relief for buyers and investors. Precious metal markets recorded heavy selling pressure, leading to a sharp decline in prices and ending the seven-day upward trend in gold rates.
Market analysts believe that the recent fall could provide an opportunity for customers planning to buy jewellery or invest in precious metals, especially ahead of the festive and wedding season.
Gold prices witnessed a steep decline in the Delhi bullion market on Friday, August 14. The price of gold fell by Rs 2,800 per 10 grams in a single trading session due to aggressive selling.
Following the decline, the price of 24-carat gold in Delhi dropped to Rs 1,57,000 per 10 grams, compared to the previous closing level of Rs 1,59,800 per 10 grams.
Silver prices also witnessed a major correction during the session, with rates falling to around Rs 2,40,000 per kilogram amid selling pressure in the precious metals market.
Even after Thursday’s sharp fall, gold and silver prices continued to show a weak trend on Friday. However, the decline remained marginal compared to the previous session.
The price of 24-carat gold slipped by Rs 10 per 10 grams and is currently trading at around Rs 1,53,590 per 10 grams, compared to Rs 1,53,600 earlier. Experts suggest that price stability after a sharp correction may offer some relief to buyers looking for favourable entry levels.
According to purity levels, other categories of gold also witnessed a slight decline.
The price of 22-carat gold is currently around Rs 1,40,790 per 10 grams, after falling by Rs 10 from the previous rate.
Meanwhile, 18-carat gold is trading at nearly Rs 1,15,190 per 10 grams, also recording a decline of Rs 10.
Silver prices have also moved lower amid market weakness. The price of silver declined by Rs 10 per kilogram and is now trading at approximately Rs 2,54,900 per kilogram, compared to Rs 2,55,000 earlier.
Retail silver prices currently stand at around Rs 254.90 per gram, Rs 2,039.20 for 8 grams, Rs 2,549 for 10 grams and Rs 25,490 for 100 grams.
The recent fall in gold and silver prices has created renewed interest among consumers, with many buyers keeping a close watch on further market movements before making purchases.
