Daijiworld Media Network - New Delhi

New Delhi, May 15: In a welcome turn for consumers, gold prices in India dropped sharply on Thursday, offering relief to buyers amid ongoing wedding season demand.

According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold plunged by Rs 2,375 per 10 grams, now priced at Rs 91,484, down from Rs 93,859. Similarly, 22-carat gold dropped to Rs 83,799 from Rs 85,975, and 18-carat gold saw a decline to Rs 68,613, previously priced at Rs 70,394.

Silver prices followed suit, falling Rs 2,297 per kg to Rs 94,103, compared to the earlier Rs 96,400.

The price drop also extended to the futures market. On the Multi Commodity Exchange (MCX), gold futures for June 5 delivery slipped by 1% to Rs 91,325, while silver futures for July 4 also declined by 1% to Rs 94,458 per kg.

Market experts attribute the fall to easing global tensions, especially between the US and China. As geopolitical stress diminishes, investor interest in safe-haven assets like gold and silver typically declines, triggering price corrections.

In the international market, gold fell to its lowest level in a month. On COMEX, gold was down 1.1% at $3,141.35 per ounce, a sharp reversal from its recent peak of around $3,500 per ounce on April 22.

This significant price dip comes at a time when wedding season and Akshaya Tritiya, both high-demand periods for gold are expected to boost domestic sales, offering a timely opportunity for buyers and jewellers alike.