Daijiworld Media Network - New Delhi

New Delhi, Jun 29: Buyers of gold and silver have reason to cheer this week, as both precious metals witnessed a significant drop in prices, with gold slipping below Rs 96,000 per 10 grams and silver falling under ?1.06 lakh per kilogram.

According to data from the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold fell to Rs 95,784 per 10 grams, a sharp decline of Rs 2,907 from last week’s Rs 98,691. Likewise, 22-carat gold dipped to Rs 87,738 from Rs 90,404, while 18-carat gold saw a decrease from Rs 74,018 to Rs 71,838 per 10 grams.

Silver prices also followed the downward trend, dropping by Rs 1,582 over the past week to settle at Rs 1,05,193 per kg, down from Rs 1,06,775. This comes just days after silver hit a record high of Rs 1,09,550 per kg on June 18.

The international market mirrored this correction. On COMEX, gold fell from $3,400 to $3,300 per ounce, while silver dropped to $36 per ounce.

Market analysts attribute the cooling of prices to several global factors — notably, the easing of geopolitical tensions between Iran and Israel, signs of returning economic stability, and weakness in the US dollar.

Despite the weekly dip, gold and silver have both enjoyed strong upward momentum this year. Since January 1, the price of 24-carat gold has surged by Rs 19,622, marking a 25.76% increase. Silver, too, has risen by Rs 19,176 — a 22.29% jump from Rs 86,017 per kg at the start of the year.

Looking ahead, many market experts remain bullish on gold. Citing potential for renewed geopolitical volatility, analysts forecast gold could trade in the range of $3,500 to $3,700 per ounce in the coming weeks.

Akshay Chinchalkar of Axis Securities noted that as long as spot gold holds above $3,314, an upward move toward $3,770 remains likely.
While the current price dip may offer a breather for buyers, broader trends suggest that the bullish trajectory for gold and silver may still be far from over.