Gold and silver prices fall sharply after record surge, buyers get partial relief

After witnessing an unprecedented rise over the past few days, gold and silver prices registered a sharp decline on Friday, offering partial relief to buyers across the country, including Odisha. Market rates of both precious metals corrected significantly following heavy volatility in recent sessions.

According to the latest market data, the price of 24-carat gold dropped by Rs 8,230 and is now trading at Rs 1,70,620 per 10 grams. Similarly, 22-carat gold became cheaper by Rs 7,550, with its rate standing at Rs 1,56,400 per 10 grams. Silver prices also eased sharply, falling by Rs 10,000 per kilogram to Rs 4,15,000.

Sharp Drop After Sudden Surge

The decline comes a day after gold prices recorded an unusually steep rise of ₹11,770 in a single session. Traders described the latest fall as a market correction after an unwarranted and rapid escalation in prices, which had left many buyers shocked and hesitant.

Silver prices, which had also surged steeply in recent days, mirrored the correction amid continued market volatility.

Prices Had Risen Steeply Earlier

Before the current dip, gold and silver prices had soared within a very short span. Gold prices had jumped by nearly Rs 10,000 in a single day, pushing 24-carat gold beyond Rs 1.78 lakh per 10 grams, while 22-carat gold had risen by over Rs 10,000.

Over the past 10 days, the price of 22-carat gold had increased by more than Rs 26,000, while 24-carat gold had climbed close to Rs 30,000. Silver prices had also crossed Rs 4.25 lakh per kilogram after surging by Rs 25,000 in a single day.

Market experts cautioned that price volatility is likely to continue in the near term due to fluctuations in the US dollar and ongoing geopolitical developments. Buyers have been advised to closely track price movements and exercise caution before making purchasing decisions.