Gold and Silver Prices Tumble After Record Surge; 24K Gold Drops by ₹8,230

After days of persistent price increases that had unsettled both investors and consumers, the bullion market witnessed a sharp correction today, offering relief to potential buyers.

24K Gold Sees Sharp Decline

In a dramatic turnaround, the price of 24 carat gold fell by ₹8,230, settling near ₹1,65,000 per 10 grams. Earlier in the day, it touched a low of ₹1,60,000 before recovering slightly. This correction comes just a day after prices surged by as much as ₹11,000 in a single session, reflecting extreme volatility in the market.

22K Gold Also Corrects

Gold buyers who prefer 22 carat gold also benefited from the correction, with prices dropping ₹7,550 to ₹1,56,400 per 10 grams. Analysts say this decline may rekindle interest among retail consumers who were waiting for the market to stabilize before making purchases.

Silver Prices Fall Sharply

The “silver lining” turned literal as silver prices also suffered a massive correction. Prices fell ₹10,000 per kilogram, bringing the current trading rate to ₹4,15,000 per kg. This sudden drop follows weeks of surging rates that had created caution among industrial and retail buyers alike.

Market Analysts Comment

Market experts describe the current decline as a natural correction after what they term “unreasonable” price increases in recent weeks. While prices remain high compared to previous years, this correction has sparked renewed interest among consumers, creating opportunities for buyers who had postponed purchases during the rally.