Gold Price Plunges by ₹3,300 and Silver Drops ₹5,000 in Third Consecutive Session Decline: Check Today's Latest Bullion Rates
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Precious metal buyers received significant financial relief as gold and silver prices registered a sharp downward correction in the domestic bullion market. Extending a consecutive three-day bearish trend, gold prices tumbled by ₹3,300 per 10 grams in the national capital, while white metal silver witnessed an even steeper fall, crashing by ₹5,000 per kilogram as investors engaged in profit booking and responded to shifting global economic cues.
Gold Prices Hit Three-Day Low Amid Persistent Correction
In the New Delhi bullion market, benchmark 99.9% purity gold slumped by ₹3,300, settling at ₹1,62,400 per 10 grams compared to its previous close of ₹1,65,700. This marks the third straight session of losses for the yellow metal, which traded as high as ₹1,67,100 on August 25. Over the three-day trading window, cumulative losses have reached ₹4,700, translating to an approximate 3% correction from recent highs, offering a temporary breather to retail consumers and wedding shoppers.
Silver Crashes by ₹5,000 Per Kilogram in a Single Session
Mirroring the downward trajectory of gold, silver prices experienced a major correction on Friday. Pure silver plunged by ₹5,000 to trade at ₹2,45,500 per kilogram, down from the previous session's closing rate of ₹2,50,500 per kilogram. Despite the substantial single-day discount, market experts note that valuations remain elevated, and prices will likely continue to experience high volatility driven by international industrial demand and currency movements.
What Triggered the Global Sell-Off in Precious Metals?
Market analysts attribute the ongoing correction in bullion primarily to a strengthening US dollar, which places downward pressure on dollar-denominated commodities. International sentiment was further dampened following remarks by US Federal Reserve officials regarding persistent inflation pressures, heightening market speculation over a potential interest rate adjustment in September. This shift in monetary policy expectations reduced the immediate appeal of non-interest-bearing safe-haven assets, sparking widespread profit booking across global commodity exchanges. While the price drop presents an attractive entry point for buyers, experts recommend closely monitoring currency fluctuations, global inflation data, and geopolitical developments before making major purchasing decisions.
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