The Indian bullion market saw a sudden dip in gold and silver prices today, bringing relief to buyers and investors who have been waiting for a correction. After several sessions of steady gains, both precious metals witnessed mild weakness as trading opened this Wednesday. According to the Indian Bullion and Jewellers Association (IBJA), 24K gold is priced at ₹1,18,690 per 10 grams, 22K gold at ₹1,08,800 per 10 grams, while silver is trading near ₹1,51,000 per kilogram.
Gold Prices in Major Cities
Gold prices vary slightly across different Indian cities due to local taxes and jeweller charges. Here’s a quick look at today’s average rates in major markets:
Delhi: 22K gold – ₹1,08,800 | 24K gold – ₹1,18,690 per 10 grams
Mumbai: 22K gold – ₹1,08,750 | 24K gold – ₹1,18,650 per 10 grams
Kolkata: 22K gold – ₹1,08,780 | 24K gold – ₹1,18,700 per 10 grams
Chennai: 22K gold – ₹1,09,500 | 24K gold – ₹1,19,460 per 10 grams
Silver Prices Also Fall
Like gold, silver also slipped in early trade today. In major cities such as Delhi, Mumbai, and Kolkata, the price of silver stood close to ₹1,51,000 per kilogram. In southern cities like Chennai and Bhopal, silver rates went slightly higher, reaching around ₹1,52,200 per kilogram. For those planning to purchase silver ornaments or utensils, the current fall offers a good opportunity to buy at lower levels.
Why Prices Are Falling
Experts believe that today’s decline in gold and silver rates is linked to global market factors. A stronger U.S. dollar, firm bond yields, and reduced industrial demand for silver have all contributed to price pressure. In addition, domestic investors are booking profits after recent highs, leading to short-term corrections in local bullion markets.
Analysts also point out that global economic stability, crude oil fluctuations, and central bank policies continue to influence gold prices. As India heads into the festive season, demand is expected to rise again, which may stabilize or reverse this downward movement.
Why Gold Holds Special Value in India
Gold in India is more than an investment it’s a cultural symbol of wealth and tradition. It’s considered auspicious to buy gold during weddings, festivals, and special occasions. Over time, gold has proven to be a stable asset, offering consistent returns even during economic uncertainty. This emotional and financial connection keeps India among the world’s top gold consumers every year.
Disclaimer : This article is for informational purposes only. Gold and silver rates are subject to change based on market conditions and region. Always verify rates with an authorized jeweller or financial expert before making any purchase or investment.