Gold prices in India witnessed a sharp decline on Thursday, offering a welcome surprise for buyers amid the ongoing wedding season.
According to the India Bullion and Jewellers Association (IBJA), 24-carat gold prices dropped by ₹2,375 per 10 grams, falling from ₹93,859 to ₹91,484. The downward trend extended to other purities as well &mdash; 22-carat gold is now priced at ₹83,799 per 10 grams (down from ₹85,975), and 18-carat gold slid to ₹68,613 from ₹70,394.
Silver followed suit, registering a significant drop of ₹2,297 per kilogram. The new rate stands at ₹94,103, down from ₹96,400.
On the futures front, gold contracts for June delivery on the Multi Commodity Exchange (MCX) slipped by 1% to ₹91,325. Silver futures for July also dipped to ₹94,458 per kg, reflecting global market softness.
Market experts attribute the dip to easing geopolitical tensions, particularly between the U.S. and China. As global uncertainty reduces, the demand for safe-haven assets like gold and silver typically wanes.
On the international front, gold prices hit their lowest level in a month. COMEX gold dropped by 1.1% to $3,141.35 per ounce, retreating from its April 22 high of $3,500.
This steep correction is likely to spur domestic demand, especially after Akshaya Tritiya and amid ongoing wedding festivities &mdash; traditionally high-purchase periods for gold in India.

Major drop in gold and silver rates offers relief to buyers ahead of wedding season

Gold Prices Plunge by ₹2,375; Silver Follows Suit

Major drop in gold and silver rates offers relief to buyers ahead of wedding season

May 15, 2025 | 16:43 IST