24-Carat Gold Drops By 3,700 In A Day In Chandigarh
An Opportunity To Buy Gold For Weddings;
Gold prices, which had been trading near record levels, saw a sudden, sharp decline on Thursday. The price of 24-carat gold fell by ₹3,700 per 10 grams in a single day.
The impact of pressure on global gold prices, fluctuations in the dollar, and shifts in investor activity was reflected in the domestic bullion market. This drop in gold prices has brought some relief to those preparing for wedding and festive season purchases.
According to Rajeev Sahdev, President of the Jewellers’ Association, the price of 24-carat gold stood at ₹1,66,700 per 10 grams on Wednesday and dropped to ₹1,63,000 on Thursday. The price of 22-carat gold also fell from ₹1,53,300 to ₹1,49,900.
The price of 18-carat gold decreased from ₹1,27,100 to ₹1,24,200, and 14-carat gold fell from ₹1,00,300 to ₹98,100 per 10 grams. The price of a gold sovereign (Ginni) also dropped from ₹1,27,000 to ₹1,24,000. ‘Plate gold’ saw a reduction of ₹3,500, with its price falling from ₹1,66,400 to ₹1,62,900.
Silver’s Shine Also Dims
A decline was also recorded in silver prices alongside gold. Silver was priced at ₹254 on August 26 and dropped to ₹247 on August 27. The price of a silver coin also decreased from ₹2,900 to ₹2,800. Buyers Say They Were Waiting for a Drop
Relief was evident on the faces of buyers following the sudden drop in gold prices. People shopping for wedding jewelry remarked that the continuous rise in gold prices over the recent past had been straining their budgets.
One buyer said, “If prices fall further, it would be a great opportunity for wedding shopping. We will buy essential items for now but avoid spending the entire budget at once.”
Another buyer noted that gold has become quite expensive, so even a drop of a few thousand rupees makes a significant difference in a large purchase. However, many customers also believe that if pressure persists in the international market, prices could fall further in the coming days; consequently, they prefer to observe market trends for a day or two before making major purchases.
How Prices Changed Over Six Days
On August 21, the price of 24-carat gold stood at ₹1,64,000. It rose to ₹1,66,100 on August 22 and reached ₹1,66,800 on August 24. The price remained at this level on August 25 as well. After a slight dip on August 26, it stood at ₹1,66,700, but on August 27, it suddenly dropped to ₹1,63,000.
