Gold Falls For Third Day, Silver Slumps ₹5,000 Per Kg Amid Global Uncertainty

Precious metals turned cheaper on April 23 as domestic and global markets remained volatile. Silver saw one of the sharpest single-day declines, while gold prices slipped for a third straight session.

Gold and silver prices declined sharply on Thursday, April 23, offering temporary relief to buyers after recent record highs. The fall comes amid continued volatility in global markets linked to tensions in West Asia, uncertainty around the Strait of Hormuz blockade, and movement in the US dollar and crude oil prices.

Gold Prices Drop Across Major Cities

Domestic gold prices fell for the third consecutive day.

According to market data, 24-carat gold declined by around ₹120 per gram, taking the average price to ₹15,355 per gram or nearly ₹1,53,550 per 10 grams.

22-carat gold dropped by around ₹110 per gram, while 18-carat gold also moved lower.

In major cities:

• New Delhi: Around ₹1,54,890 per 10 grams (24K)
• Mumbai: Around ₹1,54,740 per 10 grams
• Chennai: Around ₹1,55,450 per 10 grams
• Kolkata / Hyderabad: Prices remained near similar levels

Silver Sees Sharp Correction

Silver prices recorded a steeper fall than gold.

The metal declined by nearly ₹5,000 per kg, with rates falling to around ₹2,60,000 to ₹2,64,900 per kg, depending on market segment and city pricing.

This marks the second straight session of weakness in silver.

Why Prices Are Falling

Analysts said multiple global factors are influencing bullion markets:

West Asia Tensions

The ongoing US-Iran conflict and uncertainty over ceasefire progress have kept investors cautious. Continued disruption risks around the Strait of Hormuz remain a major concern for global energy markets.

Stronger Dollar, Higher Oil

While bullion weakened, the US dollar and crude oil found support. A stronger dollar often puts pressure on gold prices.

US Federal Reserve Outlook

Markets are also watching the next policy moves by the US Federal Reserve. Expectations around rate cuts and leadership changes may influence bullion demand globally.

Should Buyers Wait?

The current dip may help jewellery buyers, but experts warn volatility is likely to continue. Prices can move sharply in either direction depending on geopolitical developments and currency trends.

Long-term investors are advised to track market movements carefully instead of reacting to one-day declines.

What It Means For India

India remains one of the world’s largest consumers of gold and silver. Any global movement quickly reflects in domestic jewellery and investment prices, especially during festive and wedding demand periods.

Disclaimer: Precious metal prices change frequently based on market conditions, taxes and city rates. Please check live rates with authorised jewellers or financial advisers before buying or investing.