Thursday brought cheers to India’s bullion markets as prices of gold and silver registered sharp declines, providing much-needed relief to prospective buyers. Data from the India Bullion and Jewellers Association (IBJA) shows silver crashing by Rs 19,386 per kg to Rs 2,99,711, a drop from Rs 3,19,097 per kg.
Gold mirrored the trend across categories: 24-carat declined Rs 3,099 per 10 grams to Rs 1,51,128 (previously Rs 1,54,227); 22-carat fell to Rs 1,38,433 from Rs 1,41,272; and 18-carat stood at Rs 1,13,346 after slipping from Rs 1,15,670 per 10 grams.
The domestic slide aligns with global softening, where gold traded 0.12% lower at $4,831 per ounce and silver 1.01% down at $93 per ounce. Analysts point to de-escalating geopolitical risks highlighted at the World Economic Forum in Davos. President Trump’s commitment to negotiate the Greenland dispute and hold off on European tariffs—due from February 1—has bolstered market sentiment.
This price retreat is particularly timely for retail investors and jewelry enthusiasts who have been sidelined by recent highs. With wedding seasons and investment demands looming, the dip could spur demand. Yet, traders remain vigilant, noting that any reversal in US-China trade talks or unexpected inflation data might reverse gains swiftly.
Overall, today’s movement reflects a healthy correction, potentially setting the stage for balanced trading in the coming weeks.