CHENNAI: Extending their decline for the second consecutive day, gold and silver prices fell further on Thursday. At 12 PM IST, both global and Indian precious metal markets saw another mild correction as investors booked profits following recent highs.
In international trade, spot gold was down 0.3 percent at around $4,083 per ounce, retreating from its record levels earlier this week. Silver also slipped marginally to about $48.40 per ounce. Analysts attributed the decline to a firmer US dollar and easing geopolitical tensions, which reduced safe-haven demand. The correction follows a strong rally in recent weeks driven by inflation concerns and geopolitical uncertainty.
In India, domestic prices mirrored the global trend. According to data from leading bullion platforms, 24-carat gold traded at around Rs 1,25,890 per 10 grams, while 22-carat gold stood near Rs 1,15,400. Silver prices fell to roughly Rs 1,59,000 per kilogram, extending the downtrend seen earlier in the week. Over the past six trading sessions, the 24-carat gold rate has dropped by nearly Rs 77,000 per 100 grams, reflecting both global price adjustments and reduced post-festival demand.
Market analysts said the correction was largely expected after the sharp festive-season rally. Many Indian consumers had already made their purchases during Diwali and Dhanteras, leading to a natural cooldown in buying activity. On the global front, traders are trimming positions as the dollar gains strength and risk appetite improves in equity markets.
While the short-term outlook appears slightly bearish, experts believe the medium-term trend for gold and silver remains positive. Persistent inflation, potential currency volatility, and renewed geopolitical tensions could lend support to prices in the coming months. In India, currency movements and import duties will continue to play a key role in determining local price trends.
Overall, Thursday’s session reflects a healthy consolidation in precious metals after a period of sharp gains. Investors are advised to monitor global economic cues and currency movements closely, as these will likely guide the next phase of price action in gold and silver.
