NEW DELHI– Gold and silver prices declined for the second consecutive day on Wednesday, weighed down by global uncertainty surrounding potential U.S. tariffs and mixed signals from the precious metals market.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold fell by ₹416, dropping from ₹97,916 to ₹97,500 per 10 grams. Similarly, 22-carat gold declined by ₹381, from ₹89,691 to ₹89,310 per 10 grams.
The price of 18-carat gold also slipped, falling from ₹73,437 to ₹73,125 per 10 grams.
Silver prices followed suit, dropping by ₹797 per kilogram—from ₹1,11,997 to ₹1,11,200.
Analysts say that key U.S. economic indicators, including the Producer Price Index (PPI) and jobless claims data expected later this week, will play a crucial role in determining the next move for precious metals.
Interestingly, despite the decline in spot prices, the futures market showed modest gains. On the Multi Commodity Exchange (MCX), gold futures for delivery on August 5, 2025, rose 0.21% to ₹97,415. Silver futures for delivery on September 5, 2025, also gained 0.29%, reaching ₹1,11,805.
On the international front, both metals edged higher. Gold rose 0.27% to $3,345.60 per ounce on the COMEX, while silver increased 0.34% to $38.24 per ounce.
“Gold is caught in a consolidation phase, with prices rangebound between $3,300 and $3,500 per ounce,” said Carsten Menke, Head of Economics at Julius Baer. “The market lacks a strong trigger to resume the recent rally, despite a broadly supportive fundamental backdrop.”
Menke added that while central bank buying remains steady, it’s not as aggressive as earlier in the year. “Silver, meanwhile, has already rallied strongly, largely driven by renewed investor interest. Its catch-up potential to gold appears exhausted. We’ve raised our price targets but are downgrading our outlook to neutral.” (Source: IANS)
