Silver Crashes ₹4700/kg, Gold Slips to ₹1.51 Lakh

IBJA data shows sharp single-day drop in bullion prices on April 23 amid ongoing yearly surge

Mumbai traders woke to a bullion slump on Thursday. Silver prices tumbled ₹4,700 per kilogram to ₹2.43 lakh. Gold followed suit, shedding ₹927 per 10 grams of 24-carat to ₹1.51 lakh.

The India Bullion and Jewellers Association (IBJA) confirmed the rates. Sources indicated spot market pressures triggered the fall.

Sharp Daily Decline

Prices reversed Tuesday's levels. Silver stood at ₹2.48 lakh per kg on April 22. Gold hovered at ₹1.52 lakh for 10 grams then.

Retail jewellers in Mumbai reported brisk early queries. Buyers eyed the dip for wedding season pickups.

Yearly Price Surge

Gold has climbed ₹18,000 this year. It traded at ₹1.33 lakh per 10 grams on December 31, 2025. Silver gained ₹13,000, moving from ₹2.30 lakh per kg.

Traders track global cues closely. Domestic demand stays firm despite volatility.

Peak Levels Recede

January 29 marked bullion highs. Gold hit ₹1.76 lakh per 10 grams. Silver soared to ₹3.86 lakh per kg.

From those peaks, gold eased ₹25,000. Silver shed a massive ₹1.43 lakh. The correction draws investor attention now.

Official Rate Confirmation

IBJA spokesperson noted the downturn. "Spot rates reflect international softening," an association official told reporters.

Jewellers urged caution on purchases. Market watchers await US Fed signals for direction.

Buyer Tips Emerge

Experts stress certified buys. Opt for Bureau of Indian Standards (BIS) hallmark like AZ4524. It verifies carat purity.

Cross-check weights and daily rates via IBJA site. Prices vary by 24, 22, or 18 carat.

Spotting Real Silver

Simple tests help verify silver. Real pieces repel magnets. Ice melts fast on genuine metal.

No copper smell marks authenticity. Rubbing on white cloth leaves black if pure.

Market Impact Widens

The slide hits jewellers and investors. Festive demand could absorb stocks soon. Rural buyers in Madhya Pradesh and beyond watch keenly.

Small traders gain from lower entry points. Larger players hedge against swings.

Outlook Ahead

Analysts predict short-term consolidation. Geopolitical calm might stabilise silver prices fall trends.

Watch Friday's IBJA update for clues. Gold rates slide could pause if inflows resume. This India news update flags opportunities in trending news India.