Bhubaneswar, June 26 (UDN): In a major relief for consumers and jewellery buyers, gold and silver prices witnessed a significant decline in domestic markets on Thursday, raising hopes of increased demand ahead of the upcoming festive and wedding seasons.
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Market sources said the prices of both precious metals registered a sharp correction amid fluctuations in global bullion markets, easing concerns among consumers who had deferred purchases due to soaring rates in recent months.
Jewellers said the decline in prices is expected to boost retail demand, particularly among customers planning purchases for weddings, festivals and investment purposes. Traders are optimistic that the correction in rates will revive market sentiment and improve sales in the coming weeks.
Industry experts attributed the fall in prices to a combination of factors, including changing global economic indicators, fluctuations in international bullion prices, movements in the US dollar and investor sentiment in global markets.
While market analysts expect some volatility in the near term, they advised consumers and investors to closely monitor price trends before making large purchases or investment decisions.
Jewellery traders across several cities reported an increase in customer inquiries following the price drop, with many buyers viewing the correction as an opportune time to invest in precious metals.
Market observers said future price movements would largely depend on international market trends, geopolitical developments and monetary policy decisions by major central banks.