Gold drops by ₹3,300, Silver by ₹5,000; prices fall for the third consecutive day—check today's rates

A decline has been recorded in gold and silver prices. Gold has become cheaper by ₹3,300 and silver by ₹5,000. You can check the latest gold and silver rates here.

There is big news for gold buyers. Gold and silver prices fell sharply in the domestic bullion market on Friday. In the national capital, Delhi, gold fell by ₹3,300 per 10 grams, while silver fell by ₹5,000 per kilogram.

Gold gets cheaper for the third consecutive day.

In Delhi's bullion market, the price of 99.9% pure gold fell by ₹3,300 on Friday, settling at ₹1,62,400 per 10 grams. In the previous trading session, gold had closed at ₹1,65,700 per 10 grams.

This decline in gold prices has been recorded for the third consecutive trading day. On August 25, gold stood at ₹1,67,100 per 10 grams. Since then, over three trading sessions, its price has dropped by a total of ₹4,700—a decline of approximately 3 percent.

How much did silver prices fall?

Along with gold, silver prices also saw a significant drop. On Friday, silver fell by ₹5,000 to reach ₹2,45,500 per kilogram. In the previous trading session, the price was ₹2,50,500 per kilogram. This means silver buyers received relief of ₹5,000 per kilogram in a single day. However, current levels remain quite high, and further fluctuations may occur depending on global market trends.

Why are gold and silver prices falling?

The strengthening of the US dollar is considered the primary reason behind this decline in precious metal prices. A stronger dollar exerts downward pressure on the price of gold, which is traded in the US currency. Additionally, profit-booking by investors following a recent rally has also pushed prices down.

Gold prices also witnessed a sharp decline in the international market on Friday. Market expectations regarding a potential interest rate hike in September rose following comments on inflation by US Federal Reserve official Kevin Warsh. This dampened demand for non-interest-bearing assets like gold.

How much has gold dropped in price over three days?

August 25: ₹1,67,100 per 10 grams
August 28: ₹1,62,400 per 10 grams
Three-day decline: ₹4,700 per 10 grams
Percentage decline: Approximately 3%

Is this the right time to buy gold?

While the recent drop in gold prices offers some relief to buyers, it would not be prudent to base a purchasing decision solely on a decline observed over just a day or two. Factors such as dollar movements in the international market, expectations regarding US interest rates, inflation, and geopolitical conditions could influence future gold prices. If you are planning to buy jewelry, be sure to check the latest rates for 22-carat and 24-carat gold, as well as the final price inclusive of making charges and GST.