Gold, Silver See Big Price Drop: More Decline Likely In India Tomorrow

Gold & Silver Rates: After several months of rise, gold and silver prices saw a major decline on Wednesday. Until Dhanteras and Diwali, both metals had been witnessing an upward trend. However, on Wednesday, prices of gold and silver dropped sharply in the international market, and its impact was seen in India as well. In India, the price of 24-carat gold fell by more than Rs 3,700 per 10 grams, while silver prices dropped by nearly Rs 10,600 per kilogram. Experts predict that gold and silver prices are likely to fall further in India starting Thursday.

Gold price drop in India? 

As per the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold has dropped to Rs 1,23,907 per 10 grams, down from Rs 1,27,633 per 10 grams, which is a decline of Rs 3,726.

Similarly, the price of 22-carat gold has fallen to Rs 1,13,499 per 10 grams, compared to Rs 1,16,912 earlier. The price of 18-carat gold has also decreased to Rs 92,930 per 10 grams, down from Rs 95,725 per 10 grams.

Silver price drop by over Rs 10,000 per kg

Along with gold, silver prices have also witnessed a sharp decline. Silver prices dropped by Rs 10,549 to Rs 1,52,501 per kilogram, compared to Rs 1,63,050 per kilogram earlier. Due to the Diwali holiday, the bullion market remained closed on Tuesday, and the last recorded prices were released on Monday.

Gold and silver prices likely to drop in India tomorrow

A significant decline is being observed in gold and silver prices in international markets as well. On COMEX, gold was down by 1.56% at $4,043.19 per ounce, while silver fell by 0.29% to $47.53 per ounce. Experts predict that gold and silver prices in the Indian market will continue to decline from Thursday.

Reason Behind the Decline in Gold and Silver Prices

The fall in gold and silver prices is mainly due to an increase in the global supply of precious metals. Additionally, signs of global economic stability and US President Donald Trump’s softened stance on tariffs are being seen as contributing factors. Now, all eyes are on Thursday to see how much prices fall in India after recently touching record highs.