New Delhi, May 15: Gold prices witnessed a sharp decline on Wednesday, with 24-carat gold falling by Rs 2,375 per 10 grams to settle at Rs 91,484, down from Rs 93,859, as per data from the India Bullion and Jewellers Association (IBJA).
The downward trend extended across all purities. The price of 22-carat gold slipped to Rs 83,799 per 10 grams, a drop from Rs 85,975, while 18-carat gold now trades at Rs 68,613, down from Rs 70,394.
This marks a notable correction from April 22, when 24-carat gold prices had surged close to the Rs 1 lakh mark.
Silver prices also reflected the bearish momentum in precious metals. One kilogram of silver dropped by Rs 2,297, now priced at Rs 94,103 compared to the previous Rs 96,400.
The fall was mirrored in the futures market as well. On the Multi Commodity Exchange (MCX), gold futures for June 5 delivery slipped 1% to Rs 91,325. Similarly, silver futures for July 4 delivery declined by 1% to Rs 94,458 per kg.
Market experts link the sharp drop in prices to easing global trade tensions, particularly between the United States and China. As geopolitical uncertainty reduces, investor demand for traditional safe-haven assets like gold tends to decline.
In international markets, gold has hit its lowest level in a month. On COMEX, gold was trading down 1.1% at $3,141.35 per ounce.
