DELHI – The bullion market in India’s capital witnessed a significant cooling period on Wednesday, as gold prices across all purities retreated from their recent record-shattering peaks. This domestic downturn mirrors a broader global trend where the yellow metal has begun to stabilize following a period of intense volatility and aggressive safe-haven buying.

In the Delhi retail market, 24-carat gold—the benchmark for investment-grade purity—saw a notable decline of ₹3,110 per 10 grams, bringing the current rate to ₹1,64,660. This follows a brief period where prices had surged to historic levels amid escalating geopolitical tensions in West Asia and shifting trade policies. The correction was even more pronounced for bulk buyers, with the 100-gram rate for 24-carat gold sliding by over ₹31,000 compared to the previous day’s close

The jewelry-grade 22-carat gold followed a similar trajectory, dropping by ₹2,850 per 10 grams to settle at ₹1,50,950. Market analysts suggest that while the long-term outlook for gold remains bullish due to continued central bank accumulation and its role as a hedge against inflation, the current dip is largely driven by institutional profit-booking and a recovery in the U.S. Dollar index. For 18-carat gold, which is widely used in stone-studded jewelry, the price stood at ₹1,23,530 per 10 grams, marking a decrease of ₹2,340.

Industry experts note that such corrections are common after rapid price surges, providing a much-needed breathing room for retail consumers and investors who were sidelined by the recent price spikes. However, the market remains sensitive; with oil prices fluctuating and international spot gold still hovering near significant technical levels, local rates in Delhi are expected to remain dynamic in the coming sessions