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Gold and silver prices declined sharply on Thursday, bringing festive cheer to buyers on the occasion of Gudi Padwa, especially in Mumbai, where jewellers witnessed increased interest. Gold prices fell by over Rs 3,000 to around Rs 1.53 lakh per 10 grams, while silver prices plunged by more than Rs 5,300 to Rs 2.48 lakh per kilogram, according to bullion market trackers. Analysts told PTI that the decline was mainly due to profit booking by traders combined with weak physical demand, making the auspicious festival an attractive opportunity for purchases and investments.In India, the gold rate stood at Rs 1,53,800 per 10 grams, while silver was priced at Rs 2,48,170 per kilogram. In the international market, however, the trend remained positive. Spot gold rose 0.4% to $4,835.55 an ounce in Singapore, while silver gained 0.7% to $75.87, as per Bloomberg, highlighting a contrast between domestic corrections and global gains.Focusing on Mumbai, the country’s financial capital, 24-carat gold was retailing at approximately Rs 1,53,520 per 10 grams, slightly below the national average. Silver prices in Mumbai stood at Rs 2,47,720 per kg, making the city one of the most active markets during the festive rush. Compared to other metros, Mumbai remained competitively priced, encouraging buyers to take advantage of the dip.Across major cities, Chennai recorded the highest gold prices at Rs 1,53,970 per 10 grams, followed by Hyderabad at Rs 1,53,760 and Bengaluru at Rs 1,53,640. Kolkata reported Rs 1,53,320, while Delhi remained the lowest among metros at Rs 1,53,250. In silver, Chennai again topped at Rs 2,48,440 per kg, followed by Hyderabad at Rs 2,48,110, while Delhi and Kolkata stayed relatively lower.Gold rates vary depending on purity levels. Here is a detailed breakdown of gold prices in India (as per 1 gram and 10 grams):Gold Price by Purity (India Average)Gold TypePrice (1 Gram)Price (10 Gram)24 KaratRs 15,380Rs 1,53,80022 KaratRs 14,098Rs 1,40,98320 KaratRs 12,817Rs 1,28,16718 KaratRs 11,535Rs 1,15,35016 KaratRs 10,253Rs 1,02,53314 KaratRs 8,972Rs 89,71712 KaratRs 7,690Rs 76,90010 KaratRs 6,408Rs 64,083City-Wise Gold Prices (10 grams)CityGold Price (24K)MumbaiRs 1,53,520DelhiRs 1,53,250BengaluruRs 1,53,640ChennaiRs 1,53,970HyderabadRs 1,53,760KolkataRs 1,53,320City-Wise Silver Prices (1 kg)CitySilver PriceMumbaiRs 2,47,720DelhiRs 2,47,290BengaluruRs 2,47,920ChennaiRs 2,48,440HyderabadRs 2,48,110KolkataRs 2,47,390Overall, the drop in gold and silver prices on Gudi Padwa has created a favourable buying environment, particularly in Mumbai, where festive demand traditionally remains strong. Despite global price gains, domestic rates have softened, giving consumers an opportunity to invest in precious metals during one of the most auspicious occasions of the year.

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