Editor’s Note
**Editor’s Note:** Gold and silver prices saw a sharp decline today, with 24-carat gold dropping ₹1,680 per 10 grams and silver falling ₹5,000, offering relief to jewelry buyers. The downturn, mirrored on COMEX, reflects weaker domestic market rates.
24-carat gold has dropped by ₹1,680, and silver by ₹5,000. Prices of both metals also fell on COMEX, leading to weaker domestic market rates.
In the domestic market, 24-carat gold fell 1.18% to ₹1,40,540 per 10 grams, compared to ₹1,42,220 the previous day. 22-carat gold dropped by ₹410 to ₹1,30,590 per 10 grams, from ₹1,31,000 earlier. 18-carat gold decreased by ₹1,260 to ₹1,05,405 per 10 grams, down from ₹1,06,665 the day before.
22-carat gold has fallen below the psychological level of ₹1.31 lakh. Thus, even after adding making charges and GST at showrooms, customers may pay less compared to yesterday. The drop of over ₹1,200 in the base rate of 18-carat gold could also benefit those buying diamond and studded jewelry.
On the international COMEX market, gold prices fell 0.02% to $3,991.90 per ounce. Gold has dropped below the psychological level of $4,000 per ounce, which is seen as a sign of weakening safe-haven demand. Meanwhile, silver on COMEX fell 0.63% to $55.83 per troy ounce. The decline in global tech stocks also impacted silver, considered an industrial metal.
In the domestic market, silver prices recorded a major decline of 2.3%. Silver, which was selling at ₹2.20 lakh per kilogram the previous day, fell to ₹2,15,000 per kilogram today. This means silver became cheaper by ₹5,000 per kilogram in a single day. This decline in both gold and silver is expected to provide relief to buyers in the bullion market.
