Buyers of precious metals are breathing a sigh of relief as silver prices nosedived by an astonishing Rs 19,386 per kilogram in Mumbai on Thursday, settling at Rs 2,99,711 per kg according to the India Bullion and Jewellers Association (IBJA). This marks a steep fall from the prior quote of Rs 3,19,097 per kg.
Not to be left behind, gold prices followed suit with robust declines across purities. 24-carat gold shed Rs 3,099 to reach Rs 1,51,128 for 10 grams, down from Rs 1,54,227. 22-carat variant slipped from Rs 1,41,272 to Rs 1,38,433 per 10 grams, and 18-carat gold moved from Rs 1,15,670 to Rs 1,13,346 per 10 grams.
The trigger for this market movement lies in the softening of international volatility, particularly after positive signals from Davos. US President Donald Trump’s address at the World Economic Forum eased tensions by pledging talks on Greenland and postponing EU tariffs slated for early February. Globally, spot gold hovered at $4,831/oz (-0.12%) and silver at $93/oz (-1.01%).
For those eyeing investments or jewelry purchases, this represents an opportune moment. Jewelers report increased footfall as consumers capitalize on the correction. However, experts caution that while short-term relief is evident, broader economic indicators like dollar strength and Fed policies could influence future trajectories.
This episode underscores the interconnectedness of global events and local markets, offering a temporary breather in an otherwise volatile year for bullion trading.