New Delhi— Gold prices in India took a significant dip on Thursday, bringing relief to buyers ahead of the peak wedding season and following Akshaya Tritiya, a major gold-buying occasion.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold dropped by ₹2,375 per 10 grams, falling to ₹91,484 from ₹93,859. The decline was not limited to pure gold — 22-carat gold also fell sharply, now priced at ₹83,799 per 10 grams, down from ₹85,975. Meanwhile, 18-carat gold slipped to ₹68,613 from ₹70,394.
This marks a steep reversal from just a few weeks ago, when 24-carat gold had approached the ₹1 lakh mark on April 22.
Silver prices mirrored gold’s downturn. The price of one kilogram of silver dropped by ₹2,297, settling at ₹94,103 from ₹96,400.
Futures markets also reflected the downward trend. On the Multi Commodity Exchange (MCX), gold futures for June 5 delivery fell 1% to ₹91,325, while silver futures for July 4 delivery dropped by a similar margin to ₹94,458 per kg.
Market analysts attribute the sharp decline to easing global trade tensions, particularly between the U.S. and China. With geopolitical risks subsiding, the appeal of safe-haven assets like gold tends to diminish.
Internationally, gold prices have also slumped. On the COMEX, gold was trading down 1.1% at $3,141.35 per ounce — a significant drop from its recent peak of around $3,500 per ounce recorded on April 22.
The sudden fall in prices is expected to boost demand in the Indian market, particularly as consumers take advantage of lower rates during the ongoing wedding season — traditionally a strong period for gold purchases. (Source: IANS)
