Gold and silver prices drop significantly in India

Gold and silver prices in India experienced a significant weekly decline. According to the India Bullion and Jewellers Association (IBJA), 24-carat gold prices dropped by approximately ₹3,000, falling to ₹1,46,426 per 10 grams. Similarly, silver prices saw a sharp decrease of over ₹10,000, settling at ₹2,10,918 per kilogram.

Experts attribute this downward trend to a strengthening US dollar driven by rising crude oil prices, alongside investor sell-offs triggered by inflation concerns and the potential for increased interest rates.

Looking ahead to the Diwali festive season, commodity expert Anuj Gupta projects that gold could potentially reach ₹1.5 lakh per 10 grams and silver could touch between ₹2.2 lakh and ₹2.3 lakh per kg, though rising interest rates and bond attractiveness may limit these gains.