Patna: The prices of gold and silver continued their downward trend on Thursday in the local Patna bullion market, with silver experiencing a significant drop of Rs 600 per kilogram. This decline brought the price of silver down to Rs 80,700 per kilogram. Over the past four days, silver has seen a cumulative decrease of Rs 3,200 per kilogram.
Gold prices also weakened, falling by Rs 100 per ten grams. After this latest dip, the price of 24-carat gold settled at Rs 72,200 per ten grams, while 22-carat gold was priced at Rs 72,050 per ten grams. In the past three days, gold has decreased by a total of Rs 400 per ten grams.
The continuous decline in gold and silver prices is largely attributed to fluctuations in the global market, according to market analysts. With the festive season approaching, the business community views this drop in prices as a potentially favorable development. Experts predict that gold and silver prices may continue to ease in the near future.
Another factor contributing to the decline in demand for precious metals is Chaturmas, a period considered inauspicious for certain activities, including major purchases. This has led to subdued consumer demand, with both customers and jewelers purchasing at a slower pace. The lack of a peak consumption season has further dampened market activity.
Despite the current slowdown, there is optimism that the demand for gold and silver could pick up as the festival of Rakshabandhan approaches. The recent price relief may stimulate purchases, especially in silver, where the sustained weakening may attract manufacturers back into the market. However, the overall effect of these price drops on the festive season’s business remains to be seen.
