Huge fall in silver! Price came straight from ₹4.20 lakh to ₹2.40 lakh, a good opportunity to buy?

New Delhi: There is a stir right now from the Indian bullion market to the global market. On one hand, while the prices of crude oil are boiling, on the other hand, the shine of gold is continuously fading. The surprising thing is that gold and oil are currently moving in completely opposite directions to each other. Even on May 2, 2026, a huge fall in gold prices has been recorded, which has surprised investors.

Heavy fall in gold prices: condition of Delhi-Mumbai

In the international market, the price of Comex gold has fallen by $ 10.36 to $ 4,612.50 an ounce. Its direct impact is also visible on the Indian market. 24 carat gold has become cheaper and has now reached the level of Rs 1.50 lakh per 10 grams. In the capital Delhi, the price of 24 carat gold is Rs 1,50,580 and the price of 22 carat gold is Rs 1,38,040 per 10 grams. At the same time, in Mumbai, 24 carat gold has come at Rs 1,50,430 per 10 grams. Profit-booking and rising oil prices have significantly reduced the demand for gold.

How much did gold and silver fall from all-time highs?

According to India Bullion and Jewelers Association (IBJA), the price of 18 carat gold has now come down to Rs 1,12,697 per 10 grams. But the most shocking decline has been seen in silver. Due to decrease in industrial demand of silver and increase in oil prices due to war, the rate of 1 kg silver has come down to Rs 2,40,331. Let us tell you that on January 29, 2026, silver was at its all-time high (Rs 4.20 lakh per kg), due to which it has now become cheaper by about Rs 2 lakh. At the same time, gold has also fallen from its highest level of Rs 1.80 lakh to around Rs 25-30 thousand.

After all, why is there a war between oil and gold?

The biggest reason behind the fall in gold prices is the rise in crude oil prices and the strengthening dollar. As oil is becoming expensive, the risk of inflation has also increased. Due to this fear, the US Federal Reserve has not made any cut in interest rates and has maintained them in the range of 3.50%-3.75%. When the threat of inflation increases, investors start selling gold so that they can maintain cash. This is the reason why people’s attraction towards gold is decreasing.

Iran war and the unique trick of gold

Generally, during any war or crisis, the price of gold increases because it is considered the safest investment. But this time during the Iran war, the story is different. Due to tension in the Middle East, oil prices are increasing, due to which the import bill of countries is also increasing. More dollars are needed to buy oil. To meet this shortage, many countries are raising dollars by selling their ‘gold reserves’ so that expensive oil can be bought. Due to increasing supply of gold in the market and decreasing demand, its prices are continuously falling.