old prices witnessed a marginal decline on Wednesday, June 3, as investors booked profits following the recent surge in bullion prices. Gold was quoted at ₹1,59,730, while silver stood at ₹2,68,170 in the domestic bullion market, reflecting a slight pullback after touching elevated levels in recent sessions.
The correction comes after precious metals rallied sharply on the back of heightened geopolitical tensions, uncertainty surrounding the global economic outlook and strong safe-haven buying. Traders said the latest dip was largely driven by profit booking, with investors locking in gains after gold and silver approached record highs.
Despite the decline, market sentiment towards bullion remains positive. Analysts noted that gold continues to attract strong investor interest as a hedge against inflation, currency volatility and economic uncertainty. Expectations of monetary easing by major central banks and ongoing geopolitical risks have further strengthened the appeal of the yellow metal.
Silver, which was trading at ₹2,68,170, also witnessed some pressure but remained supported by robust industrial demand. The metal continues to benefit from its widespread use in sectors such as electronics, solar energy, electric vehicles and manufacturing, helping sustain its long-term growth prospects.
Globally, investors remained focused on inflation data, interest-rate expectations and geopolitical developments, all of which continue to influence precious metal prices. Movements in the US dollar and bond yields also remained key factors shaping sentiment in the bullion market.
Jewellers reported steady consumer demand despite elevated prices, particularly from wedding and festive buyers. Industry participants said physical demand has remained resilient, indicating that consumers continue to view gold as a preferred store of value even at higher price levels.
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