Precious metal prices retreated this week in India, capping off a volatile period for gold and silver traders. Gold per 10 grams of 24-karat purity now stands at approximately 1.59 lakh rupees, while silver has become significantly cheaper at around 2.60 lakh rupees per kilogram.
Data from the India Bullion and Jewellers Association reveals a 346-rupee decline in 24-karat gold to 1,58,751 rupees per 10 grams compared to last Friday’s 1,59,097 rupees. Supporting categories followed suit: 22-karat dropped 317 rupees to 1,45,416 rupees, and 18-karat shed 260 rupees to 1,19,063 rupees per 10 grams.
Silver’s fall was the week’s standout story, with prices tumbling 5,977 rupees to 2,60,723 rupees per kilogram from 2,66,700 rupees. The metal’s weekly range was wide, swinging from a March 2 peak of 2,89,848 rupees to a March 5 trough of 2,57,800 rupees. Gold’s journey saw a March 1 high of 1,66,800 rupees before settling at its weekly low.
Internationally, the trend was similar, with gold at 5,158.70 dollars per ounce (down from 5,247.90) and silver at 84.311 dollars (from 93.291). A robust dollar index at 98.98 is being blamed, as it pressures dollar-denominated commodities lower.
This pullback comes after a strong run-up earlier in the month, driven by global tensions and inflation fears. Jewellers report steady retail interest despite the dip, suggesting the correction might be short-lived. Traders are now watching for support levels and potential rebounds as geopolitical risks persist.