Daijiworld Media Network – New Delhi
New Delhi, Aug 24: Gold and silver buyers in India received a brief respite this week as prices of both precious metals eased after a strong rally in recent months. According to data from the India Bullion and Jewellers Association (IBJA), gold prices fell by over Rs 600 per 10 grams, while silver declined by more than Rs 1,000 per kilogram.
The price of 24-carat gold now stands at Rs 99,358 per 10 grams, down Rs 665 from Rs 1,00,023 a week earlier. Similarly, 22-carat gold slipped to Rs 91,012 from Rs 91,621 per 10 grams. The 18-carat variant also saw a marginal decline, dropping to Rs 74,519 from Rs 75,017 per 10 grams.
Silver prices experienced a correction as well, sliding Rs 1,027 to Rs 1,13,906 per kg, though the metal remains just below its all-time high of Rs 1,15,250 per kg, recorded on August 7.
Despite the recent dip, both metals have delivered significant returns in 2025. Year-to-date, 24-carat gold has appreciated by a sharp 30.45%, rising from Rs 76,162 on January 1 to current levels — a gain of Rs 23,196. Silver has climbed even higher, surging 32.42% from Rs 86,017 per kg to Rs 1,13,906.
A bullish long-term forecast by Ventura Securities suggests the rally is far from over. The brokerage expects gold prices on COMEX to touch $3,600 per ounce by the end of 2025 — surpassing the record high of $3,534.10 per ounce set earlier this month.
The outlook is supported by a confluence of factors: steady ETF inflows, central bank accumulation, strong demand from Indian retail investors, and persistent geopolitical uncertainties. “Gold’s strategic role in portfolios has strengthened as investors navigate an era of slower global growth, policy uncertainty, and elevated geopolitical risks,” said NS Ramaswamy, Head of Commodities at Ventura.
He added that with inflationary pressures, a weakening US dollar, and potential interest rate cuts by the US Federal Reserve, gold is likely to remain in demand, with prices expected to trend higher through the rest of the year and into 2025.
While this week’s pullback offers short-term relief to buyers, the broader trajectory for both gold and silver continues to point upward.