Gold buyers in India have a reason to cheer as prices of the yellow metal saw a significant drop on Thursday.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold fell by Rs 2,375 per 10 grams, bringing it down to Rs 91,484 from Rs 93,859.
The decline wasn’t limited to just 24-carat gold. The price of 22-carat gold also dropped, now standing at Rs 83,799 per 10 grams, down from Rs 85,975. Similarly, 18-carat gold saw its price fall to Rs 68,613 from Rs 70,394 per 10 grams.
This marks a sharp turnaround from just a few weeks ago, when on April 22, the price of 24-carat gold had surged close to the Rs 1 lakh mark.
Silver mirrored the downtrend seen in gold. Prices for one kilogram of silver declined by Rs 2,297 to Rs 94,103 from Rs 96,400 per kg.
The fall in precious metal prices extended to the futures market as well. On the Multi Commodity Exchange (MCX), gold futures for June 5 dropped 1 per cent to Rs 91,325, while silver futures for July 4 declined by a similar margin to Rs 94,458 per kg.
Market analysts attribute the fall in gold prices to easing global trade tensions, particularly between the United States and China, which had previously driven gold and silver prices higher.
As geopolitical uncertainty decreases, the appeal of safe-haven assets like gold tends to weaken.
In international markets, gold has dropped to its lowest level in a month. On COMEX, it was trading down by 1.1 per cent at $3,141.35 per ounce — a steep decline from its recent peak of around $3,500 per ounce recorded on April 22.
-IANS