Gold and silver prices fall for second consecutive day

In a welcome development for buyers, gold and silver prices continued their downward trajectory for the second consecutive day on Saturday, providing much-needed relief to consumers ahead of the Union Budget.

 The bullion market witnessed a sharp correction in the prices of precious metals, raising hopes among prospective buyers and investors.

According to market reports, the price of 24-carat gold has seen a significant drop of Rs 8,620. With this decline, the cost of 10 grams of 24-carat gold has come down to Rs 1,60,580. Similarly, 22-carat gold has also registered a notable reduction of Rs 7,900, bringing the price of 10 grams down to Rs 1,47,200. 

Silver prices, meanwhile, recorded their sharpest decline in the current decade. The price of silver plunged by a massive Rs 55,000 per kilogram, taking the rate down to Rs 3,50,000 per kg. This steep fall has come as a surprise to the market and has significantly improved affordability for both retail buyers and industrial users.

Also Read: Gold, silver prices fall for second straight day ahead of Union Budget

Market experts attribute the sustained decline in gold and silver prices to pre-Budget market adjustments, profit booking by investors, and prevailing global trends, including a stronger dollar and easing geopolitical concerns. Analysts believe that the softening of prices ahead of the Union Budget has brought a sense of cautious optimism among middle-class households, especially those planning to invest in precious metals or purchase jewellery in the near future.

However, experts have advised buyers to keep a close watch on market movements, as prices may remain volatile in the days leading up to the Budget announcement.