Gold at ₹1.48 Lakh, Silver at ₹2.40 Lakh: Prices Fall for Second Consecutive Day

There was a further decline in the price of gold and silver for the second consecutive day on Thursday owing to a peace deal between the US and Iran. Gold is available at ₹1.48 lakh per 10 grams, while silver is available at ₹2.40 lakh per kilogram.

According to India Bullion & Jewellers Association (IBJA), 24 carats of gold reduced by ₹2,055 to ₹1,48,093 per 10 grams from ₹1,50,148. 22 carats of gold has reduced by ₹1,883 to ₹1,35,653 per 10 grams from ₹1,37,536. Meanwhile, 18 carats of gold has reduced by ₹1,541 to ₹1,11,070 per 10 grams from ₹1,12,611.

Silver has seen a decrease of ₹7,497 to ₹2,40,191 per kilogram from ₹2,47,688. Spot and futures prices have eased. Gold contracts expiring on August 5, 2026 have slipped 2.62 percent to ₹1,49,845, and silver contracts expiring on July 3, 2026 have slipped 5.22 percent to ₹2,38,654.Gold and silver prices have also declined in international markets. As of the time of writing, gold on COMEX was trading 2.75 percent lower at $4,260 per ounce, and silver had dropped 5.99 percent to $66 per ounce.

Jatin Trivedi of SKP Securities noted that gold prices witnessed a sharp drop following the Federal Reserve's policy announcement. This decline was driven by comments from incoming Fed Chair Kevin Warsh, which suggested that if the US economy remains robust, interest rates could be raised once in 2026.