Gold and Silver Prices Plunge Sharply for Second Day

Bullion markets witnessed a dramatic fall for the second consecutive day, leaving traders and investors stunned.

Gold prices across all categories—24-carat, 22-carat, and 18-carat—registered steep declines, while silver saw its sharpest drop in recent months.

According to market updates, the price of 24-carat gold fell by Rs 8,620, now trading at Rs 1,60,580 per 10 grams compared to Rs 1,69,200 earlier.

Similarly, 22-carat gold dropped Rs 7,900 to Rs 1,47,200 per 10 grams, and 18-carat gold slipped Rs 6,460 to Rs 1,20,440 per 10 grams.

Silver bore the brunt of the correction, plunging Rs 55,000 per kilogram. The price dropped from Rs 4,05,000 to Rs 3,50,000 per kg, marking one of the steepest single-day declines in recent memory.

Market analysts attribute the fall to global cues, profit booking, and fluctuating domestic demand. While sellers face shrinking margins, buyers may view this as an opportunity to invest at lower levels.

Experts suggest that the coming days will be crucial in determining whether the downward trend continues or stabilises.