In a dramatic turn for India’s precious metals market, gold and silver prices plunged on Thursday, delighting buyers nationwide. The India Bullion and Jewellers Association (IBJA) confirmed silver’s Rs 19,386 per kg drop to Rs 2,99,711 from Rs 3,19,097 per kg, while gold saw proportional falls.
Specifically, 24-carat gold decreased by Rs 3,099 to Rs 1,51,128 per 10 grams (was Rs 1,54,227); 22-carat to Rs 1,38,433 from Rs 1,41,272; and 18-carat to Rs 1,13,346 down from Rs 1,15,670 per 10 grams.
International markets echoed the decline, with gold at $4,831/oz (-0.12%) and silver at $93/oz (-1.01%). The catalyst? Easing global jitters post US President Donald Trump’s Davos speech at the WEF, where he advocated dialogue on Greenland and delayed EU tariffs originally planned for February 1.
This development offers respite to a market strained by prolonged highs, encouraging purchases for investment portfolios and cultural demands alike. Industry insiders foresee heightened activity at bullion counters, though they warn of volatility tied to broader economic shifts like interest rates and commodity trends.
As the dust settles, this price adjustment highlights the sensitivity of local prices to global diplomacy, paving the way for strategic buying decisions in uncertain times.