Editor’s Note
Gold and silver prices in India have reversed their record-breaking rally, offering relief to buyers ahead of the wedding and investment season. The July 15 market correction is attributed to a global slowdown, according to analysts.
Gold and silver prices have taken an unexpected ‘U-turn’ in the Indian bullion market today, after continuously setting new records. This comes as a relief for ordinary buyers who were troubled by the soaring prices of precious metals ahead of the investment and wedding season.
On Wednesday, July 15, as the bullion market opened, a decline was recorded in the prices of both gold and silver. Market analysts believe this drop is the result of a slight slowdown in global markets and subdued demand locally due to high prices.
In Delhi, one of the country’s largest bullion markets, a significant change in prices was observed today. The price of pure 24-carat gold in Delhi has come down to ₹1,43,050 per 10 grams. Meanwhile, the estimated price of 22-carat gold, most preferred for jewelry making, is around ₹1,31,130 per 10 grams. As for silver, its prices have also softened today, settling at ₹2,34,900 per kilogram.
Looking at bullion markets across the country, the price of 24-carat gold today is being recorded between approximately ₹1,40,000 and ₹1,43,000 per 10 grams in different cities. Similarly, the price of silver is fluctuating between approximately ₹2,15,000 and ₹2,34,900 per kilogram, depending on local state taxes.
Market experts say that due to high prices, ordinary consumers had been staying away from gold for some time. This recent decline in prices could attract buyers back to the market. However, it is difficult to say how long this relief will last.