Gold Price Plummets by ₹2,409, Silver Drops ₹3,967
Gold prices in India have taken a hit today, September 7. According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold has fallen by ₹2,409 to ₹1.52 lakh. This decline comes after gold reached an all-time high of ₹1.76 lakh in January.
The silver market also saw a drop, with one kilogram of silver falling by ₹3,967 to ₹2.31 lakh today. These prices are significantly lower than the last trading day of the previous week, where gold was priced at ₹1.55 lakh and silver at ₹2.35 lakh.
The reasons for these fluctuations are complex and influenced by multiple factors. Transportation costs, purchase volume, local jewelry associations, and old stock and purchase prices all play a role in determining gold prices across different cities.