Editor’s Note
This article reports a sharp two-day decline in precious metals prices, with silver and gold both experiencing significant drops. All figures are quoted in Indian rupees.
On February 6, silver prices recorded a significant drop of ₹13,155, bringing the rate to ₹2,41,184 per kilogram. Gold prices also saw a decrease of ₹1,013. Over the past two days, silver has become cheaper by a total of ₹41,278 and gold by ₹6,669.
A major decline was recorded in gold and silver prices in the Indian bullion market today, February 6. According to data released by the India Bullion and Jewellers Association (IBJA), the price of silver decreased by ₹13,155 today, after which it reached a level of ₹2,41,184 per kg. In the previous trading session, silver had closed at ₹2,54,339. Looking at the data from the past two days, a total heavy cut of ₹41,278 has been observed in silver prices.
The downward trend continues in gold prices as well. The price of 24-carat gold decreased by ₹1,013 today to ₹1,51,489 per 10 grams. Previously, it was at a level of ₹1,52,502. Over the past two days, a total decline of ₹6,669 has been recorded in gold prices. According to market experts, the impact of fluctuations in the global market and changes in domestic demand is clearly visible on local prices.
In the bullion market, gold prices are determined based on its purity, i.e., carat. Today, the price of 24-carat gold was ₹1,51,489 per 10 grams. Meanwhile, the price of 22-carat gold, most used for jewelry, was recorded at ₹1,38,764 per 10 grams. In addition, the price of 18-carat gold was ₹1,13,617 and the price of 14-carat gold stabilized at ₹88,621 per 10 grams. This change in prices is considered quite significant compared to the last few days.
In recent days, precious metals had touched their highest levels. On January 29, gold made an all-time high of ₹1,76,121 per 10 grams and silver made an all-time high of ₹3,85,933 per kilogram. However, since then, volatility has persisted in the market. A heavy decline of 60 lakh had occurred, while gold had become cheaper by up to ₹26,000. It had come down to 41 lakh per kg.
According to analysts, after the sharp decline in gold and silver prices in the last three trading sessions, signs of stability are now being seen in the market. Experts say that a decline of about 15% was recorded in gold prices, after which buying activity is now being seen at lower levels. According to market experts, the current correction in prices is also influenced by global economic factors and the strength of the dollar. Analysts believe that volatility may persist in the market for now, so it is necessary to understand the market trend before making any major decisions.
When buying gold from jewelers, consumers should pay attention to some important standards. According to experts, one should always buy only certified gold with the Bureau of Indian Standards (BIS) hallmark. Hallmarking ensures the purity of gold and it contains an alphanumeric code (e.g., AZ4524). In addition, the correct price of gold on the day of purchase should be cross-checked from official websites like the India Bullion and Jewellers Association, as prices differ according to 24, 22, and 18 carats.
In conclusion, this recent decline in gold and silver prices is significant for those who keep an eye on market activities. Although prices have come down significantly from their all-time highs, the future direction of the market will depend on global signals and central bank policies.