Gold falls by Rs 600 this week, Silver also declines

New Delhi, Aug 24 (IANS) Buyers of gold and silver got some relief this week as prices edged lower in the domestic market. Gold prices dropped by more than Rs 600 per 10 grams, while silver slipped by over Rs 1,000 per kilogram.

According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold now stands at Rs 99,358 per 10 grams, compared to Rs 1,00,023 a week ago -- a decline of Rs 665.

Prices of 22-carat gold fell to Rs 91,012 from Rs 91,621 per 10 grams, while 18-carat gold dropped from Rs 75,017 to Rs 74,519 per 10 grams.

Silver too saw a correction during the review period, declining Rs 1,027 to Rs 1,13,906 per kg, from Rs 1,14,933 previously.

Despite the fall, silver remains close to its all-time high of Rs 1,15,250 per kg, recorded on August 7.

On a year-to-date (YTD) basis, both metals have delivered hefty gains. Since January 1, the price of 24-carat gold has surged from Rs 76,162 to Rs 99,358 per 10 grams, an increase of Rs 23,196 or 30.45 per cent.

Silver has risen even more sharply, climbing 32.42 per cent from Rs 86,017 to Rs 1,13,906 per kg.

A report released this week by Ventura Securities said gold prices on COMEX could touch $3,600 per ounce by the end of 2025, higher than the record $3,534.10 per ounce seen on August 7 this year.

The brokerage attributed the uptrend to strong ETF inflows, consistent buying by central banks, and robust participation by Indian retail investors in the gold investment market.

“Gold’s strategic role in portfolios has strengthened as investors navigate an era of slower global growth, policy uncertainty, and elevated geopolitical risks,” NS Ramaswamy, Head of Commodities, Ventura, said.

He added that with inflationary pressures, a softening US dollar, and anticipated US Fed rate cuts, we see sustained upside potential in gold prices through the remainder of 2025.

--IANS

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