Gold and silver prices have experienced a significant downturn over the past week, with substantial drops reported across various purities. This sharp decline has caught the attention of both investors and consumers, signaling a notable shift in the precious metals market. The decrease amounts to over 11,000 rupees for gold and more than 28,000 rupees for silver, according to recent market data.

Specifically, 24-carat gold saw its price drop by 11,181 rupees, settling at 147,218 rupees per 10 grams, down from its previous rate of 158,399 rupees. Similarly, 22-carat gold is now trading at 134,852 rupees for 10 grams, a decrease from 145,093 rupees. Even 18-carat gold felt the impact, falling to 110,414 rupees per 10 grams from 118,799 rupees.

The situation is mirrored in the silver market, where prices have plummeted by 28,124 rupees per kilogram. Silver is now priced at 232,364 rupees per kilogram, a considerable drop from its earlier standing of 260,488 rupees. This widespread reduction in value reflects considerable volatility within the precious metals sector over a short period.

Internationally, the trend is consistent, with gold prices showing a near 9.6 percent weekly decline, marking one of the steepest drops in 15 years. Global gold prices have fallen to $4,574.90 per ounce from $5,061.70 per ounce a week earlier. Silver also faced a global price slump, decreasing by over 14 percent to $69.66 per ounce from $81.343 per ounce.

Market analysts attribute this sharp fall primarily to profit-taking by investors and a strengthening US dollar. As the dollar gains strength, investors tend to shift their focus from precious metals to other investment avenues, subsequently reducing demand for gold and silver and driving down their prices.