Gold and Silver Prices Dip in Indian Bullion Market

Khushbu Kumari Jha
Gold and Silver Prices Dip in Indian Bullion Market
Gold and Silver Prices Dip in Indian Bullion Market

Stay informed about the latest developments and trends in the gold and silver markets with updates on prices, fluctuations, and expert forecasts.

On April 22, 2024, gold and silver prices experienced a decline in the Indian bullion market, marking a significant drop in their values. According to HDFC Securities, the price of gold has now dipped below Rs 74 thousand per 10 grams, while silver is priced at over Rs 85 thousand per kg.

In the Delhi bullion market, the price of gold witnessed a decrease of Rs 450, settling at Rs 73,650 per 10 grams. This decrease comes after gold closed at Rs 74,100 per 10 grams in the previous trading session.

Similarly, the price of silver also saw a decline of Rs 1,100, reaching Rs 85,500 per kg from its previous close of Rs 86,600 per kg.

Internationally, there was a drop in the price of spot gold on the Comex, trading at $2,365 per ounce, which is $26 lower than the previous closing price. Silver also experienced a decrease, trading at $27.95 per ounce compared to its previous close of $28.66 per ounce.

Despite the current downturn, experts remain optimistic about long-term investments in gold. Citi Research has forecasted a surge in gold prices during the second half of 2024, with an expected peak of $2,500 an ounce. However, there may be a temporary decline in prices before the end of the second quarter. Additionally, Mahendra Lunia, Chairman of Vighnaharta Gold, has estimated that by the year 2030, the price of gold could reach Rs 1.68 lakh per 10 grams.

For those interested in staying updated on gold rates, it's as simple as giving a missed call to 8955664433. This service provides the latest gold rates conveniently to your phone via SMS, allowing for easy access to pricing information from the comfort of your home.