There is some relief for buyers as gold and silver prices dropped notably this week. Gold has fallen below ₹96,000 per 10 grams, while silver slipped under ₹1.06 lakh per kilogram.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold now stands at ₹95,784 per 10 grams. This marks a sharp fall of ₹2,907 from last week’s ₹98,691.
Similarly, 22-carat gold prices dropped to ₹87,738 from ₹90,404. For 18-carat gold, the price declined from ₹74,018 to ₹71,838 per 10 grams.
Silver prices also declined by ₹1,582 this week. The current price is ₹1,05,193 per kilogram, down from ₹1,06,775. This correction comes after silver touched an all-time high of ₹1,09,550 per kg on 18 June.
In global markets, gold on COMEX fell to $3,300 per ounce from $3,400. Silver also dipped to $36 per ounce.
Experts attribute the fall to global developments, including easing tensions between Israel and Iran, improving global stability, and a weaker US dollar.
Despite this week’s decline, gold and silver have rallied since January. 24-carat gold rose from ₹76,162 to ₹95,784 per 10 grams — a gain of ₹19,622 or 25.76%.
Silver surged by ₹19,176 or 22.29%, rising from ₹86,017 to ₹1,05,193 per kilogram. Experts continue to see an upside. Earlier this month, analysts predicted gold could soon trade between $3,500 and $3,700.
Akshay Chinchalkar of Axis Securities stated that as long as spot gold remains above $3,314, it could rise further to $3,770.
Also Read: India’s Retail Sector Set To Accelerate To 9–10% Growth: RAI
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