New Delhi, May 30: This week has seen a notable decline in the prices of gold and silver, with gold becoming cheaper by ₹1,000 and silver by over ₹2,000.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold has decreased by ₹1,257, now standing at ₹156,463 per 10 grams, down from ₹158,720.
The price of 22-carat gold has also fallen to ₹143,320 per 10 grams, previously priced at ₹144,835 per 10 grams. Meanwhile, 18-carat gold is now priced at ₹117,347 per 10 grams, down from ₹118,588 per 10 grams.
The lowest price for gold this week was recorded on May 27 at ₹156,072 per 10 grams, while the highest price was noted on May 25 at ₹158,857 per 10 grams.
Silver prices have also seen a decline. The price of silver has dropped by ₹2,650, now at ₹263,350 per kilogram, down from ₹266,000 per kilogram.
This week, the lowest price for silver was observed on May 27 at ₹260,917 per kilogram, with the highest price on May 25 at ₹271,100 per kilogram.
Due to global instability, the international prices for gold have approached $4,600 per ounce, while silver is around $76 per ounce.
Experts attribute the decline in gold and silver prices to rising inflation concerns and high crude oil prices due to the ongoing tensions between the U.S. and Iran.
Over the past year, both gold and silver have provided impressive returns, with gold yielding over 37% and silver over 127% in dollar terms.
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