Mumbai’s bullion markets closed the week on a softer note, with gold prices easing marginally while silver saw a sharper decline of close to 6,000 rupees per kilogram. According to the India Bullion and Jewellers Association (IBJA), 24-karat gold settled at 1,58,751 rupees per 10 grams, down 346 rupees from the previous week’s level of 1,59,097 rupees.
The downward trend extended across purity variants. 22-karat gold fell to 1,45,416 rupees per 10 grams from 1,45,733 rupees, and 18-karat gold traded at 1,19,063 rupees, a drop from 1,19,323 rupees. Silver prices plummeted even more dramatically, landing at 2,60,723 rupees per kilogram after shedding 5,977 rupees from last week’s 2,66,700 rupees.
Looking back at the week’s volatility, gold hit a high of 1,66,800 rupees on March 1 before bottoming out at 1,58,751 rupees on March 6. Silver peaked at 2,89,848 rupees on March 2 and touched a low of 2,57,800 rupees on March 5.
Global cues mirrored the domestic weakness. International gold prices stood at 5,158.70 dollars per ounce, down from 5,247.90 dollars a week ago, while silver fell to 84.311 dollars per ounce from 93.291 dollars. Market analysts point to a strengthening US dollar index, which closed at 98.98—one of its highest levels this year—as the primary driver behind the precious metals’ slump.
For investors and jewellers, this correction offers a potential buying opportunity amid ongoing economic uncertainties. As markets eye upcoming US economic data and Federal Reserve signals, gold and silver could see renewed volatility in the coming days. Domestic demand remains robust ahead of festive seasons, which might provide a floor to the prices.