Thursday brought relief to gold and silver buyers in India as prices nosedived, with gold dropping around Rs 2,000 per 10 grams and silver cratering by Rs 7,200 per kilogram. This significant correction has sparked buying interest across retail and investment circles.
The India Bullion and Jewellers Association reported 24-carat gold at Rs 1,60,586 per 10 grams, a steep Rs 1,962 fall from Rs 1,62,548. 22-carat gold slipped to Rs 1,47,097 from Rs 1,48,894, while 18-carat reached Rs 1,20,440 down from Rs 1,21,911 per 10 grams.
Silver bore the brunt, declining Rs 7,135 per kilogram to Rs 2,64,212 versus Rs 2,71,347 previously. Futures markets echoed the trend: gold April 2026 at Rs 1,60,165 (down 0.84%), silver May 2026 at Rs 2,63,068 (down 0.94%).
Overseas, Comex gold was marginally lower at $5,126 per ounce (-0.16%), silver at $82.68 (-0.61%). Analyst Jatin Trivedi of LKP Securities observed domestic gold’s range-bound trading between Rs 1,60,000-1,63,000 per 10 grams, with international prices steady around $5,150/ounce.
‘Key US indicators such as jobless claims and non-farm payrolls will be pivotal for gold’s trajectory,’ Trivedi remarked. The dip reflects technical pullbacks after a rally fueled by inflation fears and equity market jitters.
Jewelers anticipate increased footfall as affordable prices lure customers planning for upcoming celebrations. However, with global uncertainties persisting, including interest rate outlooks, the market could swing either way. Savvy investors are viewing this as a strategic entry point.