Last Updated on October 31, 2026 12:58 am by INDIAN AWAAZ
AMN
New Delhi: Gold and silver prices witnessed a sharp decline in the Indian bullion market on Friday, with silver registering a steeper fall of nearly 5 per cent amid weakness in precious metal prices.
According to closing rates released by the India Bullion and Jewellers Association (IBJA), 24-carat gold declined by more than 1.5 per cent to Rs 1,40,054 per 10 grams. Silver prices recorded a much sharper correction, plunging 4.8 per cent to Rs 1,81,344 per kg.
The decline marked a significant movement in the domestic precious metals market, with both metals coming under selling pressure. Silver underperformed gold, reflecting the relatively sharper price fluctuations often seen in the silver market.
Gold and silver prices are influenced by several domestic and international factors, including movements in the US dollar, global interest rate expectations, bond yields, geopolitical developments and investor demand for safe-haven assets. Changes in international bullion prices are also reflected in domestic rates through currency movements and import-related costs.
Gold is traditionally regarded as a store of value during periods of economic and geopolitical uncertainty, while silver has an additional industrial demand component, making its price movements sensitive to changes in expectations about global economic activity.
The latest correction is also significant for domestic buyers, particularly households planning jewellery purchases and investors looking to accumulate precious metals. However, market volatility makes it important for buyers to track price movements rather than base decisions on a single day’s decline.
IBJA rates serve as a benchmark for the domestic bullion trade. Actual retail prices may vary depending on local taxes, GST, dealer margins and making charges.