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After months of steady growth, gold and silver prices in India dropped sharply. 24-carat gold fell by ₹3,726 to ₹123,907 per 10 grams, and silver by ₹10,549 to ₹152,501 per kg, reflecting global market corrections and investor shifts.
Gold and Silver Prices Fall Sharply
New Delhi: Gold and silver prices in India had been steadily rising for the past few months. However, both metals have recently seen a significant drop. According to the Indian Bullion and Jewelers Association (IBJA), the price of 24-carat gold has fallen by approximately ₹3,726 to ₹123,907 per 10 grams. Silver prices also fell sharply by ₹10,549 to ₹152,501 per kg.
Gold prices vary depending on its purity.
These rates can change several times a day, so IBJA provides regular updates.
Gold and silver prices could fall tomorrow; Click here for details
Both gold and silver fell on the Multi Commodity Exchange (MCX) as well. December futures gold opened at ₹1,24,423 but quickly fell to ₹1,20,575 per 10 grams—a drop of nearly 6%.
Similarly, silver fell to ₹144,000 per kg, a decline of approximately 4%.
Last week, gold reached a record low of ₹132,294 per 10 grams. This represents a decline of approximately ₹12,000 from the current price. This is considered the biggest single-day decline in the last five years.
However, a few days ago, investors began "buying cheap," which led to a slight rebound, but it did not last long.
Gold and silver also fell in markets worldwide. In the COMEX market, gold fell from its record high of $4,392 per ounce to $4,275.76 per ounce. Silver also fell from $53.76 per ounce to $50.85 per ounce. This decline is said to be the biggest decline in nearly six months.
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According to experts, there are several reasons for this decline:
Improvement in the US economy: Concerns about the US debt crisis have eased.
Improvement in US-China relations: Hopes for a trade agreement between the two countries have driven investors toward the stock market.
Strength in the stock market: When stock and bond markets strengthen, investors withdraw money from gold.
Commodity analysts believe this decline may be temporary because: Central banks are still buying gold, the dollar is weakening, and the Federal Reserve remains likely to reduce interest rates.
For all these reasons, gold and silver may see a return to stability or a slight increase in the coming weeks.
In short, the recent decline in gold and silver prices could be an opportunity for investors to "buy cheap." However, their direction in the coming days will depend on global conditions, geopolitical tensions, and the dollar's movement.
Gold Price Today: Post-Diwali trends show slight dip amid market fluctuations
While there is volatility in the market for now, gold and silver may again show strong trends in the long term.
