New Delhi, July 16 : Both gold and silver saw a drop during Wednesday's trading session, continuing their downward trend for the second consecutive day this week amid looming uncertainty around the US tariffs.

The price of 24-carat gold dropped by Rs 416, from Rs 97,916 to Rs 97,500 per 10 grams, according to the India Bullion and Jewellers Association (IBJA). Similarly, the price of 22-carat gold decreased by Rs 381 from Tuesday's price of Rs 89,691 to Rs 89,310 per 10 grams.

Additionally, the price of 18-carat gold dropped, from Rs 73,437 per 10 grams in the previous session to Rs 73,125 per 10 grams.

Following the trend, the price of silver dropped from Rs 1,11,997 per kilogram to Rs 1,11,200, a decrease of Rs 797.

In the week ahead, key U.S. data, including PPI and jobless claims, will guide further movement, according to analysts.

The futures market, meanwhile, is moving upward. Both gold and silver displayed a positive trend in the futures market, despite the drop in spot prices. Gold for delivery on August 5, 2025, was trading at Rs 97,415 on the Multi Commodity Exchange (MCX), up 0.21 per cent.

At Rs 1,11,805, silver futures for delivery on September 5, 2025, were up 0.29 per cent.

The price of gold and silver increased slightly on the global stage. Silver increased by 0.34 per cent to $38.24 per ounce on the Comex exchange, while gold increased by about 0.27 per cent to $3,345.60 per ounce.

"Gold is caught in a consolidation, with prices remaining rangebound between $3,300 and $3,500 per ounce. The market is missing an imminent trigger to restart the recent rally, despite a broad-based agreement on a favourable fundamental backdrop," said Julius Baer, Head of Economics at Carsten Menke.

'Central bank buying is still sound but not as strong as earlier in the year. We still see a longer-term favourable fundamental backdrop. Silver, meanwhile, broke out, first and foremost reflecting renewed investor interest. Its catch-up potential to gold seems to be very much exhausted. We lift our price targets but downgrade our view to Neutral,' Baer said.

/IANS