Gold Price / Gold Drops ₹1,710 in a Day, Silver Steady

Bhubaneswar, Jul 29: After weeks of continuous rise, gold prices witnessed a sudden decline in the domestic bullion market, bringing relief to customers planning to buy the precious metal.

On July 29, the price of 24‑carat gold fell by nearly 1.17%, settling at ₹1,44,160 per 10 grams. This marks a drop of ₹1,710 compared to the previous day’s rate of ₹1,45,870 per 10 grams.

The fall comes as a surprise to many, given the upward trajectory of gold prices in recent days. For buyers who had been waiting for a correction, this dip offers a welcome opportunity to purchase at lower rates.

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Interestingly, silver prices remained unchanged despite the movement in gold. Silver continues to trade at ₹2,39,900 per kilogram, showing no variation from the previous trading session.

Why Did Gold Prices Fall?

Analysts attribute the decline to several global factors. Profit‑booking in international markets, strengthening of the US dollar index, and investor caution ahead of the US Federal Reserve meeting have collectively exerted downward pressure on gold prices.

These global cues quickly reflected in the Indian market, leading to the sharp fall.

What Buyers Should Keep in Mind

Experts advise customers to check for BIS hallmark and HUID number while purchasing gold jewellery to ensure authenticity. Additionally, making charges vary across jewellers, so comparing rates before buying is recommended.

With prices fluctuating, careful planning and verification can help buyers make the most of the current dip.

The sudden fall in gold prices has sparked optimism among buyers, though market watchers caution that volatility may continue depending on global economic signals. For now, the decline offers a breather to customers who had been deterred by the recent surge.