Gold and silver prices witness a sharp decline across Indian bullion markets (Img: Pinterest)
Mumbai: Gold and silver prices have witnessed a notable decline in domestic bullion markets following the festive season, offering some relief to buyers. Weak consumer demand and a slowdown in international markets have contributed to the downward movement. The latest price trends come after both precious metals recorded significant gains and touched historic highs in recent months.
The Delhi bullion market has recorded a substantial fall in the price of 99.9% pure gold, with rates dropping by Rs 2,500. The decline reflects changing market conditions as demand eases after the festive buying period.
Also Read: IMD Weather Alert: Rain, Snowfall and Strong Winds to Hit Several States
Silver prices have also come under pressure. A day earlier, the metal witnessed a sharp reduction of Rs 3,500 per kilogram in Delhi. It is worth noting that in January of this year, silver reached an all-time high of Rs 4 lakh per kilogram in the domestic market a figure substantially higher than current price levels.
International bullion prices have also experienced fluctuations. Spot gold is currently quoted at $3,879.71 per ounce, while international spot silver stands at $49.05 per ounce.
Movements in the US dollar and uncertainty in global financial markets are expected to keep precious metal prices volatile.
Gold and silver prices have witnessed a notable decline across india (Img: Pinterest)
Despite the recent correction, Surendra Mehta, Secretary of the India Bullion and Jewellers Association (IBJA), remains optimistic about the long-term outlook. According to his projections, international gold prices could climb to $6,200 per ounce by the end of 2027. Silver, meanwhile, could potentially reach $180 per ounce.
Gold prices vary across major Indian cities. In Delhi, Jaipur, Lucknow and Chandigarh, 22 carat gold is priced at Rs 1,26,040 per 10 grams, while 24 carat gold costs Rs 1,37,490. In Mumbai, Kolkata and Hyderabad, the 22 carat gold rate stands at Rs 1,25,890, compared to Rs 1,37,340 for 24 carat gold.
In Ahmedabad and Bhopal, 22 carat gold is available at Rs 1,25,940, while the price of 24 carat gold is Rs 1,37,390. Chennai has recorded the highest rates among the listed cities, with 22 carat gold priced at Rs 1,26,940 and 24 carat gold at Rs 1,38,480.
Note: These are the reported prices. Actual retail rates may vary depending on local taxes, GST, making charges and jeweller margins.
