Bhubaneswar, Feb 2: Gold and silver prices experienced a significant drop today, sending shockwaves through the bullion market.

The price of 24-carat gold saw a steep decline of Rs 9,050. As a result, the cost of 10 grams of 24-carat gold now stands at Rs 1,51,530. This sharp drop has been noted as a significant shift, affecting both investors and jewellers.

In a similar trend, 22-carat gold prices fell by Rs 8,300. The current price for 10 grams of 22-carat gold is now Rs 1,38,900. The sudden price change prompted both buyers and sellers to quickly adjust to the new market rates.

Silver also experienced a steep decline, with its price falling by Rs 20,000 per kilogram. The new rate stands at Rs 3,00,000 per kilogram. This sharp drop in silver prices has added to the ongoing volatility in the precious metals market.

The continuing decline in gold and silver prices has raised concerns among investors, traders, and jewellers alike. Market analysts predict that fluctuations in the bullion market may persist in the coming days, leaving investors to navigate a period of uncertainty.