Patna: After a month of volatility and record highs, gold and silver prices have recorded a sharp decline across the country, offering relief to buyers ahead of the festive season. According to the Multi Commodity Exchange (MCX), both precious metals have fallen significantly over the past ten days, with experts suggesting this could be a favourable window for investors and jewellery buyers.
In the latest session, gold prices dropped by Rs 1,500, settling at Rs 1,21,822 per 10 grams, while silver fell by Rs 4,500, reaching Rs 1,42,910 per kg.
Just ten days ago, on October 17, silver had crossed the Rs 1.70 lakh per kg mark — its highest in recent months. The latest figure represents a fall of around Rs 27,000 per kg. Similarly, gold, which had touched an all-time high of Rs 1.32 lakh per 10 grams, has now fallen by nearly Rs 10,000.
Market analysts attribute the dip to a combination of international market corrections, profit booking by investors, and a stronger US dollar, which has reduced the appeal of precious metals as a hedge.
“Global uncertainty had driven prices upward earlier this month, but as demand stabilised and the dollar strengthened, the correction was inevitable,” said Ajay Kedia, a Mumbai-based commodities analyst. “For buyers, this is a good time to invest before prices start inching up again ahead of the wedding season.”
According to Good Returns, the prices of gold and silver in major cities are as follows:
| City | Gold (24 Carat, 10g) | Silver (per kg) |
|---|---|---|
| Delhi | Rs 1,25,770 | Rs 1,55,000 |
| Patna | Rs 1,25,670 | Rs 1,55,000 |
| Ahmedabad | Rs 1,25,670 | Rs 1,55,000 |
| Lucknow | Rs 1,25,670 | Rs 1,55,000 |
In Patna, gold prices have declined by Rs 1,140 per 10 grams, reflecting a similar trend across regional markets.
Jewellers say the fall in prices is likely to boost retail sales during Chhath Puja and the upcoming wedding season. “The demand had slowed down due to high prices, but now we expect buyers to return,” said Vikas Agrawal, a Patna-based jeweller.
Despite the current correction, analysts predict that the long-term outlook for gold remains positive due to ongoing global economic uncertainty and geopolitical tensions. However, for now, both investors and festive shoppers in India are welcoming the much-needed dip in the glittering market.
