Gold, Silver Prices Crash: Biggest One-Week Drop in Recent History
The significant drop in both gold and silver prices today comes as spectacular news for customers who have been planning to buy jewelry for upcoming weddings and auspicious occasions.
Gold, Silver Prices Crash: After months of skyrocketing continuously and becoming an unaffordable burden for the common and middle-class families, gold and silver prices have unexpectedly witnessed a massive drop this week. Despite intense fluctuations in the global market over the past few days, a major twist has finally brought a smile to the faces of buyers this week.
The significant drop in both gold and silver prices today comes as spectacular news for customers who have been planning to buy jewelry for upcoming weddings and auspicious occasions. By last Sunday, June 14, the price of 10 grams of 24-karat pure gold had touched an all-time record high of Rs 1,49,080.
When the market opened the following Monday, prices surged even higher, shocking consumers. However, defying all expert predictions, gold prices began a steady downward trend starting Tuesday. A decline in demand for the yellow metal in the international market, fluctuations in the US Dollar value, and shifting investor behavior have directly impacted prices.
As a result, as of today, June 21, the price of 10 grams of 24-karat pure gold has fallen by a staggering Rs 3,000 over the last six days.
Impact on 22-Karat and 18-Karat Gold:
It is not just pure gold that has seen a drop; 22-karat gold, which is widely used by the public to make jewelry, has also seen a heavy decline this week. Last Sunday, 10 grams of 22-karat gold stood at Rs 1,36,650. It has gradually decreased to reach Rs 1,33,900 today. This marks a net drop of Rs 2,750 in just one week!
Similarly, the prices of 18-karat gold, which is increasingly popular in today’s market for budget-friendly and lightweight jewelry, have strictly followed this downward trend. This correction across segments has provided major financial relief to lower and middle-class buyers.
Usually, gold price trends naturally mirror the silver market. However, this time around, the crash in silver prices has outpaced gold at lightning speed! By last Sunday, June 14, the price of one kilogram of silver had shocked the nation by hitting an unprecedented historical high of Rs 2,70,000.
Yet, in a span of just one week, the entire silver market landscape has completely shifted. According to the latest reports today on June 21, the price of one kilogram of silver has crashed by a whopping Rs 20,000, bringing it down to Rs 2,50,000. Experts point out that such a massive drop within a single week is an extremely rare development in recent history.
