Gold and Silver Prices Have Fallen Sharply Recently: Check The Latest Rates Today
In Delhi, 10 grams of gold costs ₹121,800, while one kilogram of silver costs ₹145,000. Prices have also fallen in major cities like Mumbai, Kolkata, and Chennai. Gold is trading at $3,887.03 per ounce in the global market, while silver is trading at $45.56 per ounce. Let's explore the reasons for this decline and whether investing in gold and silver is a good idea now.
Gold and silver prices today
Gold and silver prices fell sharply in major cities across the country today. 24-carat gold is trading at ₹1,21,800 per 10 grams in Delhi and ₹1,20,900 per 10 grams in Mumbai. Gold is trading at ₹1,19,200 per 10 grams in Chennai and ₹1,19,500 in Kolkata. Silver is trading at ₹1,44,800 per kilogram in Mumbai and ₹1,45,000 in Delhi.
22-carat gold is priced at ₹112,500 per 10 grams, and 18-carat gold at ₹91,400 per 10 grams, according to the IBJA. Silver is available for ₹141.90 per 10 grams, and ₹1,418.96 per 10 grams. Lower prices increase buying potential, so this drop could be a good opportunity for buyers during the festive season.
Reason for the fall in gold and silver prices
The sharp decline in gold and silver prices is due to several international and domestic factors. The strengthening of the dollar is cited as the biggest reason. Investors avoid safe haven investments when the US dollar rises. This reduces global demand for gold and silver, causing their prices to fall. Furthermore, changes in interest rates also impact the prices of these metals. The recent indication by the US Federal Reserve of an interest rate hike has also put pressure on the market.
Gold and silver prices are also influenced by several factors domestically. Gold tends to be more expensive when the rupee weakens against the dollar, but the rupee's recent strength has lowered prices. Furthermore, increased investor interest in the stock market has led to a decline in precious metals. Changes in government policies and economic stability also impact prices.
The future of the gold and silver markets
Economic analysts say that the global economy ultimately determines gold and silver prices. Gold prices could rebound if the dollar remains weak and interest rates remain stable. Furthermore, the wedding and festival season is about to begin in India, which could boost demand and lower prices.
Investors should avoid making hasty decisions. Stability is gradually returning to the silver and gold markets. Experts say that long-term planning should be considered rather than panicking over short-term declines. Those who buy now are expected to see better returns in the coming months.
Suggestions
The recent decline in gold and silver prices could be a good opportunity for investors. This is the right time for long-term investors to make purchases. Gold and silver prices provide protection against inflation and remain stable over long periods. Therefore, it would be wise to consult experts and study the market before investing.
It's important for regular investors to monitor market fluctuations. Gold and silver prices experience small changes every week, which impact investment plans. Despite the current decline, experts believe prices may rise again in the coming months. This is why investing now could yield profitable returns in the future.
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