Key Points

According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold is now Rs 95,784 per 10 grams, down from Rs 98,691 a week ago -- a sharp drop of Rs 2,907.

Similarly, the price of 22-carat gold has come down to Rs 87,738 from Rs 90,404 per 10 grams. For 18-carat gold, the rate has dropped from Rs 74,018 to Rs 71,838 per 10 grams.

Silver prices also dipped during the review period, falling by Rs 1,582 to Rs 1,05,193 per kilogram from the previous Rs 1,06,775.

Notably, silver had reached an all-time high of Rs 1,09,550 per kg on June 18.

The international market has mirrored this trend, with gold on COMEX falling to $3,300 per ounce from $3,400 earlier. Silver has dropped to $36 per ounce.

Experts attribute the decline in precious metal prices to recent global developments, including the easing of tensions between Israel and Iran, signs of global stability, and weakness in the US dollar.

Despite this week’s drop, gold and silver have seen a strong rally since the beginning of the year.

Since January 1, the price of 24-carat gold has surged from Rs 76,162 to Rs 95,784 per 10 grams -- an increase of Rs 19,622 or 25.76 per cent.

Similarly, silver prices have jumped Rs 19,176 or 22.29 per cent, from Rs 86,017 to Rs 1,05,193 per kilogram.

Meanwhile, in an earlier report this month, experts said that gold prices are expected to rise sharply as fresh geopolitical tensions in the Middle East increase global uncertainty.

According to the report, experts believe gold could trade in the range of $3,500 to $3,700 in the coming weeks.

Akshay Chinchalkar of Axis Securities said that as long as spot gold remains above $3,314, it could move higher towards $3,770.

- IANS