Gold and Silver Prices Tumble in India After Recent Surge

Prices Fall After a Sharp Rally

Following days of strong gains, gold and silver prices in India witnessed a notable decline on Saturday, bringing some relief to jewellery buyers and investors. The drop comes amid easing global uncertainties and slight corrections in the international bullion market.

In Bhubaneswar, the price of 24-carat gold per 10 grams fell to ₹1,22,730, marking a significant decrease from the previous session’s highs. The correction reflects a cooling trend after weeks of sustained upward momentum influenced by global market volatility and domestic festive demand.

Gold Rates Ease Across Major Indian Cities

The downward correction was consistent across major urban markets. In Mumbai, Chennai, and Kolkata, 24-carat gold was priced at ₹1,22,580 per 10 grams, while 22-carat gold traded around ₹1,12,360.

In Pune and Bengaluru, the yellow metal saw a similar pattern, with 24-carat gold priced at ₹1,22,010, and 22-carat gold at ₹1,11,840. Cities like Ahmedabad (₹1,22,060) and Jaipur (₹1,22,160) followed the same trend, maintaining a steady, uniform moderation across urban centres.

Analysts say this synchronized fall reflects a temporary pause in momentum, not a reversal of the long-term bullish outlook.

Silver Market Shows Signs of Weakness

Silver also lost traction after Friday’s brief uptrend. The white metal slipped by ₹200 per kilogram, trading at ₹1,52,400 in Delhi, Mumbai, and other metro cities.

Interestingly, Chennai and Hyderabad bucked the national trend, holding steady at ₹1,64,900 per kilogram, indicating region-specific market resilience. Analysts attribute this divergence to differing industrial demand and local trading dynamics.

Overall, the sentiment in the silver market turned mildly bearish, suggesting profit booking after recent highs.

Global Market Outlook Remains Optimistic

Despite the short-term dip in Indian prices, the global gold outlook remains optimistic. Spot gold rose slightly to $3,996.93 per ounce in international trade.

Major financial institutions remain bullish:

• Goldman Sachs predicts gold could touch $4,900 per ounce by December 2026.

• ANZ Bank expects it to reach $4,600 by mid-2026.

• DSP Merrill Lynch maintains a positive long-term view, citing gold’s enduring status as a safe-haven asset in uncertain times.

These forecasts highlight investors’ continued faith in gold as a hedge against global instability and inflationary pressures.

Experts Advise Caution and Gradual Buying

While geopolitical tensions are showing signs of easing, experts advise investors to remain cautious. Market watchers recommend staggered or phased purchases, anticipating short-term volatility before the release of key global economic data.

“Investors should avoid lump-sum buying right now. The market could see another phase of adjustment before stabilizing,” said a bullion analyst.

With the festive season concluding and global markets settling, traders expect a period of price consolidation in the near term.