Business

IIE DIGITAL DESK : March 21: The prices of gold and silver witnessed a steep decline in the markets of Kolkata on Saturday, reversing the upward trend that had troubled consumers for over a year. The fall comes amid easing concerns over global economic instability and geopolitical tensions, which had earlier driven prices of precious metals to record highs.

Months, rising gold and silver prices had put pressure on jewellery buyers, especially against the backdrop of uncertainties linked to conflicts in West Asia, fluctuations in the stock market, and fears of currency depreciation. However, recent market movements have brought some relief, with both metals recording notable price drops over the past few days.

On Saturday, the price of 24-carat pure gold fell sharply by ₹4,900 per 10 grams in the Kolkata market. Similarly, 22-carat gold, commonly used for jewellery, saw a decline of ₹4,650 per 10 grams. Silver prices witnessed an even steeper fall, dropping by ₹10,700 per kilogram, making it nearly double the decline recorded in gold.

The latest rates, 24-carat gold (standard bar) is priced at ₹1,44,400 per 10 grams, while retail gold bars are available at ₹1,45,150 per 10 grams. Hallmarked 22-carat jewellery gold is currently priced at ₹1,37,950 per 10 grams. Meanwhile, silver in the retail market is being sold at ₹2,26,400 per kilogram.

Despite the drop in base prices, consumers should note that the final purchase cost in jewellery stores will be higher. This is because additional charges such as Goods and Services Tax (GST), which stands at 3 percent, and making charges for jewellery are applied. These making charges can vary from one retailer to another, depending on design and craftsmanship.

Market analysts believe that the recent dip could encourage buyers who had been holding back due to high prices, although volatility in global markets means that prices may continue to fluctuate in the coming days.