New Delhi, July 11: In a week marked by rapidly changing global conditions, gold and silver prices have witnessed a significant decline, with gold becoming cheaper by ₹2,900 and silver dropping by over ₹13,000.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold has decreased by ₹2,976, now standing at ₹143,368 per 10 grams, down from ₹146,344 per 10 grams. The price of 22-carat gold has also fallen to ₹131,325 per 10 grams from ₹134,051 per 10 grams, while 18-carat gold is now priced at ₹107,526 per 10 grams, down from ₹109,758 per 10 grams.
The lowest price for gold this week was recorded at ₹142,350 per 10 grams during the evening session on July 8, while the highest price was ₹145,583 per 10 grams during the morning session on July 6.
Similarly, silver prices have also seen a decline, with the current rate at ₹220,390 per kilogram, down by ₹13,468 from ₹233,858 per kilogram. The highest price for silver this week was ₹233,158 per kilogram during the evening session on July 6, and the lowest was recorded at ₹220,390 per kilogram on July 10.
The IBJA releases gold and silver prices twice daily, during the morning and evening sessions. On the international front, gold is priced at approximately $4,100 per ounce, while silver is around $60 per ounce.
Experts attribute the decline in gold and silver prices to rising tensions between the United States and Iran. Following attacks on several commercial vessels in the Hormuz Strait, the U.S. targeted multiple cities in Iran, leading to increased hostilities and escalating tensions between the two nations.
Deependra Singh Chundawat is a Senior Sub-Editor at Udaipur Kiran, specializing in a wide range of technology topics including mobile phones, applications, gaming, PCs, and wearables. Along with covering the latest tech news, he also creates engaging web stories. Passionate about emerging technologies, he stays up to date with the newest trends and enjoys reading and writing about the latest mobile launches and digital innovations.