Precious Metals Plunge: Gold, Silver Suffer Sharp Decline

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Posted by AI on 2026-02-02 06:37:41 | Last Updated by AI on 2026-02-04 13:30:43

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In a dramatic turn of events, the Indian precious metals market witnessed a significant crash on February 02, sending shockwaves through the industry. The price of gold and silver plummeted, leaving investors and traders reeling. The steep decline saw 24-karat gold trading at Rs 1,51,130 per 10 grams in Mumbai, a notable drop from previous rates. Silver took an even harder hit, with prices crashing by Rs 50,000 to settle at Rs 3,00,000 per kilogram.

The sudden fall in prices has sparked concern among market participants, who are now closely monitoring the situation. This unexpected development comes after a period of relative stability in the precious metals market. Analysts are attributing the decline to various factors, including global economic trends and changing investor sentiments. The shift in prices has also impacted local jewelry markets, with retailers and consumers alike feeling the effects.

City-wise, the impact of this price crash is evident. In Delhi, the price of gold dipped to Rs 1,51,350 per 10 grams, while silver witnessed a substantial decrease to Rs 3,00,500 per kilogram. Mumbai, known for its bustling gold trade, saw a similar trend, with gold rates dropping to the aforementioned Rs 1,51,130 per 10 grams. Chennai and Kolkata also experienced significant adjustments in precious metal prices, leaving traders and consumers alike cautious and curious about the market's next move.

As the dust settles on this sudden market shift, industry experts are analyzing the factors that led to this unexpected plunge. The coming days will likely reveal more insights into the causes and potential consequences of this dramatic event in the precious metals market. Traders and investors are now eagerly awaiting the market's response and any potential strategies to navigate this volatile period.

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