The price of both precious metals dropped this week, bringing gold down below Rs 96,000 per 10 grams and silver below Rs 1.06 lakh per kilogram, which is excellent news for those who purchase these precious metals.
The price of 24-carat gold has dropped by Rs 2,907 from Rs 98,691 a week ago to Rs 95,784 per 10 grams, according to the India Bullion and Jewellers Association (IBJA).
Likewise, the cost of 10 grams of 22-carat gold has decreased from Rs 90,404 to Rs 87,738. The price of 10 grams of 18-carat gold has decreased from Rs 74,018 to Rs 71,838.
During the review period, the price of silver also decreased, dropping from Rs 1,06,775 to Rs 1,05,193 per kilogram.
Notably, on June 18, silver hit a record high of Rs 1,09,550 per kg.
The foreign market has replicated this pattern, with gold on COMEX sliding to $3,300 per ounce from $3,400 earlier. The price of silver has fallen to $36 an ounce.
Experts blame recent global events, such as the US dollar’s depreciation, the lessening of tensions between Israel and Iran, and indications of global stability, for the drop in precious metal prices.
Gold and silver have experienced a robust run since the start of the year, notwithstanding this week’s decline.
The price of 24-carat gold has increased by Rs 19,622 or 25.76 percent since January 1, rising from Rs 76,162 to Rs 95,784 per 10 kilos.
Likewise, the price of silver has increased by Rs 19,176, or 22.29%, from Rs 86,017 to Rs 1,05,193 per kilogram.
As new geopolitical tensions in the Middle East heighten global uncertainty, experts predicted in a previous report this month that gold prices would jump dramatically.
Experts predict that gold may trade between $3,500 and $3,700 in the upcoming weeks, according to the study.
According to Axis Securities’ Akshay Chinchalkar, spot gold may rise to $3,770 as long as it stays above $3,314.
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