In a surprising turn for bullion markets, gold and silver prices have nosedived over the past seven days in India. The India Bullion and Jewellers Association data reveals 24-carat gold shedding ₹1,216 to reach ₹1,50,263 for 10 grams, previously hovering at ₹1,51,479.
Lower purity options followed suit: 22-carat at ₹1,37,641 (down from ₹1,38,755) and 18-carat at ₹1,12,697 (from ₹1,13,609). Price fluctuations peaked on April 27 at ₹1,51,186 per 10 grams for 24-carat and bottomed out at ₹1,47,973 on April 29.
Silver’s decline was even steeper, dropping ₹3,494 per kilo to ₹2,40,331 against last week’s ₹2,43,828. It ranged from a high of ₹2,43,720 on April 27 to a low of ₹2,36,300 on April 29.
On the global stage, gold traded near $4,585/oz and silver at $74/oz, reflecting broader instability. Market watchers attribute this to the Fed’s inflation alerts and reluctance to ease monetary policy soon. Elevated oil prices continue to weigh on industrial and investment demand for silver.
This dip could signal a short-term bottom, but with upcoming US economic releases and Middle East developments, volatility persists. Retailers in Delhi and Mumbai note a surge in enquiries, as festive season planners lock in lower rates. Investors might diversify, balancing gold’s haven appeal against equity rebounds.
