New Delhi, May 2: 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 ₹3,000.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold has decreased by ₹1,216, now standing at ₹150,263 per 10 grams, down from ₹151,479.
The price of 22-carat gold has also fallen to ₹137,641 per 10 grams, compared to the previous ₹138,755. Meanwhile, 18-carat gold is now priced at ₹112,697 per 10 grams, down from ₹113,609.
The lowest price for gold this week was recorded on April 29 at ₹147,973 per 10 grams, while the highest was on April 27 at ₹151,186 per 10 grams.
Silver prices have similarly declined. The current price for silver is ₹240,331 per kilogram, down by ₹3,494 from ₹243,828 per kilogram.
The lowest price for silver this week was also on April 29, at ₹236,300 per kilogram, while the highest was on April 27 at ₹243,720 per kilogram.
Internationally, gold prices have dropped to approximately $4,585 per ounce, and silver prices are around $74 per ounce due to global instability.
Experts attribute the decline in gold and silver prices to the Federal Reserve signaling rising inflation and making stern comments, which have reduced the likelihood of interest rate cuts this year. Additionally, the persistent high levels of crude oil prices are putting pressure on gold and silver prices.
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