New Delhi2 minutes ago
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After a continuous rise in the prices of gold and silver, the decline is now continuing. According to India Bullion and Jewelers Association (IBJA), today (24 October) a fall of Rs 935 is being seen in the price of gold. It is being sold at Rs 1,22,419 per 10 grams.
Earlier on October 23, its price was Rs 1,23,354 per 10 grams. At the same time, there is a fall of Rs 3,700 in the price of silver, it is being sold at Rs 1,47,750 per kg. Yesterday its price was ₹1,51,450 per kg.
Continuous decline in the price of gold and silver
The price of gold had reached its highest level of Rs 1,30,874 per 10 grams on October 17. On the same day its price fell by Rs 1,290 to Rs 1,29,584. Since then it has become cheaper by Rs 8,455. At the same time, the price of silver had made an all-time high of Rs 1,78,100 on October 14, since then it has become cheaper by Rs 30,350.
Due to the recent fall in the prices of gold and silver
- End of seasonal buying in India: After festivals like Diwali, the process of purchasing gold and silver stopped in India. Due to this the demand for gold and silver has decreased.
- US-China trade tension eased: Gold and silver are considered ‘safe-haven’, that is, people buy them in difficult times. But now a meeting is going to be held between US President Donald Trump and China’s Xi Jinping next week. This has reduced the concern about trade war.
- Profit-Taking and Overbought Signals: Investors are booking profits after the rally. Technical indicators such as the Relative Strength Index (RSI) were showing that prices had reached the overbought zone. Therefore, trend followers and dealers have started selling.
This year gold became costlier by ₹ 46,257 and silver by ₹ 61,733
So far this year, the price of gold has increased by Rs 46,257. On December 31, 2024, 10 grams of 24 carat gold was worth Rs 76,162, which has now become Rs 1,23,354.
The price of silver has also increased by Rs 61,733 during this period. On December 31, 2024, the price of one kg silver was Rs 86,017, which has now become Rs 1,51,450 per kg.
Now is not the right time to invest in gold
According to Kedia Advisory Director Ajay Kedia, gold has increased by about 60% this year, so there is little hope of further rise in the short term. People can recover profits. However, investing in it can be beneficial in the long term.
Keep these 2 things in mind while buying gold
1. Buy only certified gold: Always buy certified gold bearing the hallmark of Bureau of Indian Standards (BIS). This number can be alphanumeric i.e. something like this – AZ4524. Hallmarking shows how many carats the gold is.
2. Price Cross Check: Cross-check the correct weight of gold and its price on the day of purchase from multiple sources (such as the website of India Bullion and Jewelers Association). The price of gold varies according to 24 carat, 22 carat and 18 carat.
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