If you are also thinking of buying gold or silver for marriage or investment, then this is very wonderful and beneficial news for you. As soon as the bullion market opened on Wednesday, a huge fall in the prices of gold and silver was recorded. While on one hand there has been a big relief in the price of gold by more than Rs 1,200, on the other hand the prices of silver have also fallen by more than Rs 3,700. After this decline, it is expected that the enthusiasm of the customers will increase in the bullion market.
Bumper fall in gold prices
According to the official data of India Bullion and Jewelers Association (IBJA), the price of pure 24 carat gold in the bullion market has come down from Rs 1,56,294 per 10 grams to Rs 1,55,036 per 10 grams. That means a huge fall of Rs 1,258 has been recorded in a single day.
Along with this, the price of 22 carat gold, which is most preferred for making jewelry, has also decreased from Rs 1,43,165 to Rs 1,42,013 per 10 grams. Talking about 18 carat gold, the favorite of general budget and middle class, its price has also fallen from Rs 1,17,221 to Rs 1,16,277 per 10 grams.
Silver also became very cheap
This week, not only gold, but silver has also lost its shine and a sharp decline has been seen in its prices. In the bullion market, the price of silver has fallen from a high of Rs 2,65,300 per kg to Rs 2,61,575 per kg. This means that within just one day, silver buyers are going to get a huge saving of Rs 3,725 per kg.
Weakness seen on futures market i.e. MCX also
Heavy pressure was seen on both the precious metals in the domestic bullion market as well as on the Multi Commodity Exchange (MCX). Till the time of writing the news, the price of gold contract with expiry of August 5, 2026 was trading at Rs 1,58,690, down 0.41 per cent. On the other hand, the silver contract for July 3, 2026 also had a weakness of 0.99 percent and it reached the level of Rs 2,64,054 per kg.
There was a recession in the global market too
The main reason for this decline in the Indian market is believed to be the turmoil in the international market, where gold and silver appeared weak in the global market as well. On the COMEX market, gold was trading at $ 4,459 an ounce with a decline of about 1.33 percent, while silver was also seen trading at $ 73 an ounce with a weakness of 2.62 percent.
Know what will be the trend of gold and silver in future?
Market experts believe that there are many big global reasons behind this decline. According to commodity expert Jatin Trivedi of LKP Securities, due to the rise in dollar index and crude oil prices at the international level, there has been huge pressure on the bullion market, due to which this weakness was seen in gold.
He further said that now the eyes of big investors are fixed on important economic data coming from America, which especially includes unemployment rate and non-farm payroll data. These figures will decide the next movement of gold and silver in the coming days. According to experts, the level of Rs 1,56,000 will act as a very important support for gold on MCX, while strong resistance can be seen at the upper level around Rs 1,61,500.
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