Mumbai, January 22: In a welcome relief for gold and silver buyers across India, prices of these precious metals tumbled significantly on Thursday amid easing global volatility. The India Bullion and Jewellers Association (IBJA) reported a sharp decline, with silver prices plummeting by Rs 19,386 per kg to Rs 2,99,711, down from the previous level of Rs 3,19,097 per kg.
Gold prices also saw a notable dip. 24-carat gold fell by Rs 3,099 per 10 grams to Rs 1,51,128, compared to Rs 1,54,227 earlier. 22-carat gold dropped from Rs 1,41,272 to Rs 1,38,433 per 10 grams, while 18-carat gold declined from Rs 1,15,670 to Rs 1,13,346 per 10 grams.
This price correction comes as a boon for investors and consumers who have been waiting for a dip to make purchases, especially ahead of festive seasons or investment opportunities. The domestic market’s downward trend mirrors international cues, where gold traded at $4,831 per ounce, down 0.12%, and silver at $93 per ounce, weaker by 1.01%.
Market experts attribute the decline to reduced global uncertainties following US President Donald Trump’s speech at the World Economic Forum in Davos, Switzerland. Trump announced that the Greenland issue would be resolved through dialogue and deferred tariffs on European countries originally set for February 1. This de-escalation has calmed markets, leading to the observed price relief.
As buyers flock to jewelers, analysts predict short-term stability but advise caution due to ongoing geopolitical factors. This dip could signal a buying window before potential rebounds driven by inflation hedges or currency fluctuations.