Gold prices fell by ₹3,152 per 10 grams while silver recorded a sharp ₹9,209 per kg decline as precious metals came under pressure amid uncertainty surrounding the US-Iran peace deal and broader market volatility.

Precious metals witnessed a steep correction on Thursday, with silver posting one of its sharpest single-day declines in recent months and gold prices also retreating significantly. Market participants attributed the fall to shifting investor sentiment amid uncertainty over developments related to the US-Iran peace agreement and weakness across global financial markets.

According to data released by the India Bullion and Jewellers Association (IBJA), silver prices dropped by ₹9,209 per kilogram to ₹2.31 lakh. The metal had closed at ₹2.40 lakh per kg a day earlier.

Gold prices also registered a notable decline. The rate of 24-carat gold fell by ₹3,152 per 10 grams to ₹1.45 lakh from the previous day's level of ₹1.48 lakh.

Sharp correction recorded

The fall comes after months of extreme volatility in precious metals, which had surged to record highs earlier this year amid geopolitical tensions, inflation concerns and uncertainty in global financial markets.

Analysts said that as investors assessed evolving developments in West Asia and signs of easing geopolitical risks, some safe-haven demand weakened, triggering profit booking in both gold and silver.

Broader weakness in global markets also contributed to the decline, with investors adjusting positions across multiple asset classes.

Gold slips from peak

Despite the latest correction, gold remains substantially higher compared to levels seen at the end of last year.

IBJA data shows that gold was priced at around ₹1.33 lakh per 10 grams on December 31, 2025. Prices continued climbing through January and touched an all-time high of ₹1.76 lakh per 10 grams on January 29.

Since that record level, however, gold has corrected by nearly ₹32,000 per 10 grams.

Market experts note that such sharp moves are not uncommon after periods of rapid price appreciation, particularly when global investors begin shifting funds toward riskier assets.

Silver remains volatile

Silver has experienced even greater fluctuations during the same period.

The metal was trading at ₹2.30 lakh per kilogram at the end of 2025 before rallying sharply to a historic high of ₹3.86 lakh per kg on January 29. Since then, prices have fallen by approximately ₹1.56 lakh per kilogram.

The latest decline underscores the heightened volatility often associated with silver, which is influenced by both investment demand and industrial consumption trends.

What buyers should check

Industry bodies continue to advise consumers to exercise caution while purchasing gold jewellery and bullion products.

Buyers should ensure that gold carries a valid Bureau of Indian Standards (BIS) hallmark, which certifies purity standards. Hallmark identification numbers help verify the authenticity and carat value of the metal.

Consumers are also advised to compare prevailing market rates before making purchases, as gold prices vary depending on purity levels such as 24-carat, 22-carat and 18-carat categories.

Identifying genuine silver

Jewellers and market experts suggest a few basic checks that can help consumers identify genuine silver products.

Real silver generally does not stick to magnets. It also conducts heat efficiently, causing ice placed on its surface to melt more quickly. Authentic silver typically has no noticeable smell, while imitation products may emit a copper-like odour. Rubbing silver with a white cloth may leave a dark mark due to natural oxidation, which can be another indicator of authenticity.

Markets watch global cues

Traders will continue monitoring geopolitical developments, commodity trends and global investor sentiment in the coming days. Any clarity regarding international negotiations and broader economic conditions could influence the direction of gold and silver prices.

For now, the sharp decline in gold and silver prices highlights how quickly sentiment can shift in commodity markets after periods of record-breaking gains.

Precious metals take a steep hit as global uncertainty weighs on sentiment; silver loses ₹30,000 in just ten days

Gold and silver prices fell sharply on Wednesday as escalating tensions in the Middle East rattled global commodity markets, pushing both metals into steep decline and catching buyers off guard ahead of what had been a period of sustained highs.

Gold Drops Over ₹5,000

According to the India Bullion and Jewellers Association (IBJA), 24-carat gold fell ₹5,373 on June 10 to trade at ₹1.47 lakh per 10 grams. The drop, one of the sharper single-day corrections in recent weeks, follows a broader pullback in safe-haven demand as risk sentiment shifted across global markets.

Silver Sees Steeper Correction

Silver bore the brunt of Wednesday's sell-off. One kilogram of silver fell ₹12,655 to settle at ₹2.33 lakh — a notable correction for a metal that had been trading near multi-month highs. Just ten days ago, on May 31, silver was priced at ₹2.63 lakh per kilogram. That amounts to a ₹30,000 decline in under a fortnight.

Over the same period, gold has shed roughly ₹9,000 per 10 grams.

Middle East Uncertainty Drives Volatility

Market analysts point to renewed geopolitical tensions in the Middle East as the primary trigger. While gold traditionally benefits from uncertainty, the latest developments appear to have unsettled speculative positions across commodities, prompting a broad unwind. Domestic demand has also remained subdued, with buyers staying on the sidelines at elevated price levels.

What Buyers Should Watch

For retail consumers — particularly those eyeing gold purchases ahead of upcoming festive or wedding seasons — the dip offers a short window of relative relief after weeks of record-level pricing. However, traders caution that volatility is likely to persist as long as geopolitical signals remain mixed.

Whether Wednesday's correction marks a deeper trend reversal or a temporary pullback remains to be seen. Global cues, especially movement in the dollar index and crude oil prices, will likely dictate the near-term direction for both metals.

Gold Price and Silver Price witnessed a sharp decline in India on May 15, with silver falling by ₹19,693 per kilogram and gold becoming cheaper by nearly ₹3,000 per 10 grams. According to the India Bullion and Jewellers Association (IBJA), the fall marks one of the steepest single-day corrections in recent months, driven by volatility in global markets and shifting investor sentiment.

The price of one kilogram silver dropped from ₹2.87 lakh to ₹2.68 lakh, while 24-carat gold declined to ₹1.58 lakh per 10 grams from ₹1.61 lakh recorded earlier. The sudden movement has created uncertainty among traders and buyers in the domestic bullion market.

Sharp Decline in Bullion Rates

Market data shows that both precious metals have seen significant correction from their recent peaks. Gold, which had touched an all-time high of ₹1.76 lakh per 10 grams on January 29, has now fallen by nearly ₹18,000 over the past 106 days. Similarly, silver has witnessed a sharper decline, dropping from its peak of ₹3.86 lakh per kilogram to ₹2.68 lakh currently. Traders say this volatility reflects global uncertainty in commodity markets and changing demand patterns. Retail buyers in several cities reported reduced footfall at jewellery stores following the sudden price drop, as many investors are waiting for further correction before making fresh purchases.

Market Volatility and Global Factors

Experts attribute the decline in Gold Price and Silver Price to fluctuations in global bullion demand, strengthening of the US dollar, and changing expectations around interest rates in major economies. Commodity analysts suggest that precious metals often react sharply to geopolitical developments and monetary policy signals. Recent international tensions and economic adjustments have created instability in safe-haven investments like gold and silver. Domestic market prices in India are also influenced by import costs, as the country meets nearly 99% of its gold demand through imports, making it highly sensitive to global price movements.

Government Appeal on Gold Purchase

The price movement comes at a time when Prime Minister Narendra Modi recently urged citizens to reduce non-essential consumption of imported commodities, including gold. Addressing public gatherings, the Prime Minister suggested that households should avoid purchasing gold for one year to help conserve foreign exchange reserves. He stated that India’s heavy reliance on imported gold places pressure on the country’s external balance. Officials noted that India’s annual gold import bill stands at nearly ₹6.4 lakh crore, making it one of the largest import categories after crude oil. The appeal was aimed at encouraging responsible consumption amid global economic uncertainty.

Investor Sentiment Remains Cautious

Following the sharp fall, investors and traders remain divided on the future direction of bullion prices. Some market participants believe the correction may continue in the short term, while others expect stabilization depending on global interest rate trends.

Jewellers across major markets have reported mixed responses, with some customers opting to wait for further price drops, while long-term investors see the current levels as a potential buying opportunity. Analysts say that bullion traditionally performs well during economic uncertainty, but rising interest rates and strong equity markets often reduce its appeal as an investment asset.

Year-to-Date Price Movement

Data shows significant fluctuations in bullion prices over the past few months. At the beginning of the year, gold was priced around ₹1.33 lakh per 10 grams, which surged sharply to ₹1.76 lakh before correcting again. Silver followed a similar pattern, rising rapidly to ₹3.86 lakh per kilogram before witnessing a steep fall. The sharp swing highlights the highly volatile nature of precious metal markets in the current global environment.

Impact on Buyers and Jewellery Market

The decline in Gold Price and Silver Price is expected to benefit retail buyers in the short term. However, jewellers are cautious as frequent price fluctuations make it difficult to maintain stable pricing for customers. In wedding and festive demand segments, buyers often wait for price stability before making bulk purchases. Industry experts say the coming weeks will be crucial in determining whether demand revives or remains subdued.

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