In a welcome relief for consumers, domestic gold and silver markets witnessed substantial declines on Thursday, slashing prices by up to Rs 8,000 per unit. The India Bullion and Jewellers Association reported that benchmark 24-carat gold fell Rs 1,184 to Rs 1,49,937 for 10 grams, reversing from Rs 1,51,121. Similarly, 22-carat dropped to Rs 1,37,342 from Rs 1,38,427, and 18-carat to Rs 1,12,453 from Rs 1,13,341.
Silver’s plunge was steeper, with prices tumbling Rs 7,883 per kilo to Rs 2,36,158, down from Rs 2,44,041. This comes after weeks of highs, prompting analysts to highlight profit-booking as a key driver. Rising oil prices have also weighed on the safe-haven assets, dimming their appeal temporarily.
Futures trading reflected caution: gold’s June 2026 contract rose marginally by 0.47% to Rs 1,52,488, whereas silver’s May 2026 contract slipped 0.60% to Rs 2,38,483. International spots mirrored the trend, gold softening 0.11% to $4,770/oz and silver to $74/oz.
Looking back, the yearly performance remains robust—gold gained 54%, silver a whopping 144%. This correction could be short-lived, fueled by ongoing global uncertainties. Jewellers across major cities report increased footfall as buyers capitalize on the dip ahead of wedding and festive seasons.
Investors should monitor Federal Reserve signals and oil dynamics closely. For now, the market dip signals ‘buy low’ for those eyeing physical holdings or portfolio diversification.
