New Delhi– Gold prices in India saw a significant correction on Thursday, offering a welcome break for buyers after weeks of soaring rates. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold dropped sharply by ₹2,375 per 10 grams, falling from ₹93,859 to ₹91,484.
The price of 22-carat gold also declined, slipping from ₹85,975 to ₹83,799 per 10 grams. Meanwhile, 18-carat gold was priced at ₹68,613, down from ₹70,394 per 10 grams.
This downturn marks a notable shift from April 22, when 24-carat gold had neared the ₹1 lakh mark amid heightened geopolitical uncertainty.
Silver mirrored the decline in gold. The price of one kilogram of silver fell by ₹2,297, dropping from ₹96,400 to ₹94,103.
The downward trend extended to the futures market as well. On the Multi Commodity Exchange (MCX), gold futures for June 5 delivery fell 1% to ₹91,325, while silver futures for July 4 dropped by a similar margin to ₹94,458 per kg.
Analysts attributed the pullback in precious metal prices to easing geopolitical tensions, particularly between the United States and China. The de-escalation in global trade uncertainty has reduced demand for safe-haven assets like gold and silver.
In international markets, gold prices have slipped to a one-month low. On COMEX, gold was trading down 1.1% at $3,141.35 per ounce, a steep decline from its recent peak of nearly $3,500 per ounce on April 22.
The price drop could spark renewed buying interest in the domestic market, especially with the ongoing wedding season and the recent celebration of Akshaya Tritiya—both traditionally strong periods for gold purchases. (Source: IANS)
