Indian Gold and Silver Prices Plummet Amid Global Market Volatility

Gold and silver prices have fallen sharply in India, prompting potential customers to wait for further declines before making purchases for upcoming festivals and weddings.

Silver futures for September delivery fell by ₹6,661 to ₹2,28,035 per kg on the Multi Commodity Exchange (MCX), while gold futures for October delivery slipped 3,214 to ₹1,47,667 per 10 grams.

The decline in prices has improved affordability, but jewellers are skeptical about buyers rushing in until the market stabilizes or shows signs of recovery.

'Generally, buying happens in a rising market and not in a falling market due to fear of more fall,' said Surendra Mehta, secretary of the India Bullion & Jewellers Association.