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There is a fall in the prices of gold and silver today i.e. on 13th October. According to India Bullion and Jewelers Association (IBJA), 10 grams of 24 carat gold has fallen by Rs 399 to Rs 1.48 lakh. At the same time, the price of one kg silver has decreased by Rs 923 to Rs 2.20 lakh.
Earlier yesterday i.e. on October 12, gold had become cheaper by Rs 1,369 and silver by Rs 814. That means, in two days, gold has become cheaper by about Rs 1,750 and silver by Rs 1,700.
Gold and silver may become expensive in the coming days
Even though the prices of gold and silver have fallen today, their prices may increase in the coming days. According to commodity expert Ajay Kedia, the festival season has started in India and China, this will increase the demand for gold and silver.
Apart from this, central banks of other countries of the world including China are also buying gold. According to Ajay Kedia, due to all these reasons, gold can go up to Rs 1.55 lakh and silver up to Rs 2.40 lakh by Diwali.
Keep these 2 things in mind while buying gold from jewelers
- 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.
- 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.
4 ways to identify real silver
- Magnet Test: Real silver does not stick to magnets. If it sticks then it is fake.
- Ice Test: Place ice on silver. Ice melts faster on real silver.
- Smell Test: Real silver has no smell. Fakes smell like copper.
- Cloth Test: Rub the silver with a white cloth. If a black mark appears then it is real.
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