Silver, which reached an all-time high in January, has seen its price drop by ₹2.25 lakh per kilogram over the last nine months. During the same period, the price of gold has also fallen by ₹40,000 per 10 grams. This decline in prices has brought a festive buzz to the bullion market ahead of Diwali. Anticipating that prices might rise again in the future, customers are actively making purchases.
Reached All-Time High on January 29
Following Diwali last year, both gold and silver prices witnessed a record surge. Gold, which was priced at ₹1.33 lakh per 10 grams around Diwali (October 25), climbed to ₹1.80 lakh by January 29. Similarly, the price of silver, which was ₹1.66 lakh per kilogram, soared to ₹4.10 lakh. Subsequently, the upward trend in the prices of both metals halted, followed by a gradual decline. Nitesh Agarwal, President of the Agra Bullion Association, noted that the drop in prices has boosted market activity. There is strong demand for silver coins and idols, as well as for gold jewelry. Business, which had remained sluggish for a long period, has now recovered to levels seen around this time last year. With prices having fallen significantly, this is an opportune time for purchases.
