Gold falls for the third consecutive day, dropping by Rs 2,200; check the latest rates for gold and silver today.

Gold prices have declined for the third consecutive trading session. In the domestic market, the price of 10 grams of gold has fallen by Rs 2,200, reaching Rs 1,43,400. Find out the latest rates for gold and silver today.

The downward trend in gold prices shows no signs of stopping. Gold has become cheaper for the third consecutive trading session, with a sharp decline of Rs 2,200 this time. In the domestic bullion market, gold (99.9% purity) has fallen to Rs 1,43,400 per 10 grams. Meanwhile, the price of silver in the domestic market remained unchanged at Rs 1,87,500 per kilogram.

This sustained decline in gold prices may offer relief to those planning to purchase gold for weddings or other purposes. However, whether the downward trend will continue or if the market will rebound depends on international cues.

How much has gold dropped in price?

In the domestic market, the price of gold has decreased from Rs 1,45,600 per 10 grams to Rs 1,43,400—a drop of Rs 2,200 in a single trading session. This marks the third consecutive session of decline.

The weakness in gold prices is driven by trends in both the domestic and international markets. When there is pressure on global gold demand and prices, its impact is often reflected in the Indian market as well.

Why has gold lost its shine?

Gold prices have also seen a decline in the international market. The price of gold has fallen by nearly 1%—a decline of $39.93—dropping below $3,950 per ounce. This is largely attributed to the strengthening of the US dollar.

In fact, there is often an inverse relationship between the price of gold and the US dollar. When the dollar strengthens, purchasing gold becomes more expensive for investors holding other currencies. This puts pressure on the demand for gold, causing its price to decline. Consequently, a stronger dollar is currently not considered a positive sign for gold. If the dollar continues to strengthen, its impact on gold prices may become more apparent in the coming days.

What is the situation with silver?

In the domestic market, the price of silver has remained stable, holding at ₹1,87,500 per kilogram. However, silver has not been immune to the decline in the international market.

Globally, the price of silver has slipped by 1.17% to $51.06 per ounce. In short, while domestic silver prices remain unchanged for now, the metal has weakened on the international stage.

Is this the right time to buy gold?

A drop of ₹2,200 in the price of gold in a single day might certainly catch the attention of buyers. However, it would not be prudent to base a purchasing decision solely on a one- or two-day decline. Factors such as the movement of the US dollar, global economic conditions, and investor demand will continue to influence the prices of gold and silver.

If you are purchasing gold for a wedding or other essential requirements, you may proceed based on your specific needs and budget. Meanwhile, those looking to buy for investment purposes should keep a close watch on price fluctuations.