In the international market, gold prices fell by around 1.5%, while silver witnessed a sharper decline of approximately 3.50%.
In the domestic futures market, gold prices on the Multi Commodity Exchange (MCX) slipped below ₹1.38 lakh per 10 grams.
Gold and Silver Prices Decline in Delhi
The decline was also visible in the national capital’s bullion market on Tuesday.
Gold prices in Delhi fell by ₹700 per 10 grams, while silver prices declined by ₹2,000.
The latest correction has attracted the attention of jewellery buyers and investors, particularly with the major festive shopping period approaching.
Festive Buyers May Benefit from Lower Prices
Gold and silver traditionally witness increased demand during the festive season, especially on occasions such as Dhanteras and Diwali.
A large number of Indian households purchase gold jewellery, silver coins and other precious metal items during this period. Consequently, the decline in prices just before the festivals could influence purchasing decisions.
Global Market Trends Continue to Influence Prices
Movements in international bullion markets and trading activity in domestic futures markets play an important role in determining gold and silver prices in India.
Changes in global prices can directly affect domestic bullion rates, influencing both retail consumers and investors.
With prices declining ahead of the festive season, market participants will closely monitor developments in the coming days to see whether gold and silver prices recover or witness further corrections.
