New Delhi— After witnessing an extraordinary surge over the past year, gold and silver prices registered a decline for the second consecutive day on Wednesday, offering brief relief to buyers after record highs. Data released by the India Bullion and Jewellers Association (IBJA) showed a drop in both precious metals amid profit booking following sustained upward momentum.
According to IBJA, the price of 24-carat gold fell by ₹1,500 to ₹1,33,099 per 10 grams. On Tuesday, gold was trading at ₹1,34,599 per 10 grams. Despite the recent dip, gold has delivered exceptional returns over the last year. On December 31, 2024, the price of 10 grams of 24-carat gold stood at ₹76,162, which means the metal has gained ₹56,937, or nearly 75%, over the year.
Silver prices also continued their downward trend for the second day in a row. The price of silver declined by ₹2,896 to ₹2,29,433 per kilogram, compared to ₹2,32,329 per kilogram in the previous session. Even after the correction, silver has recorded a much sharper rise than gold over the year. On December 31, 2024, silver was priced at ₹86,017 per kilogram, indicating a massive jump of ₹1,43,416, or about 167%, over the past year.
Market data shows that both metals recently touched their highest-ever levels. During trading on December 29, gold had climbed to ₹1,38,161 per 10 grams, while silver had surged to ₹2,43,483 per kilogram, marking their all-time highs. Analysts attribute the recent decline to short-term correction after a prolonged rally, as investors locked in profits following sustained gains.
Despite the current softness, bullion prices remain significantly higher than year-ago levels, reflecting strong investor demand amid global economic uncertainties, geopolitical tensions, and a preference for safe-haven assets.
