New Delhi, May 15 -- :Gold buyers in India have a reason to cheer as prices of the yellow metal saw a significant drop on Thursday. The price of 24-carat gold fell by Rs 2,375 per 10 grams, bringing it down to Rs 91,484 from Rs 93,859, according to the India Bullion and Jewellers Association (IBJA).

The decline wasn't limited to just 24-carat gold. The price of 22-carat gold also dropped, now standing at Rs 83,799 per 10 grams, down from Rs 85,975. Similarly, 18-carat gold saw its price fall to Rs 68,613 from Rs 70,394 per 10 grams.

This marks a sharp turnaround from just a few weeks ago, when on April 22, the price of 24-carat gold had surged close to the Rs 1 lakh mark. Silver too mirrored the downtrend that was being faced by the ye...