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There is a fall in the prices of gold and silver today i.e. on 28th September. According to India Bullion and Jewelers Association i.e. IBJA, the price of 10 grams of 24 carat gold fell by Rs 4,065 to Rs 1.48 lakh. One kg of silver has become cheaper by Rs 9,158 and has come down to Rs 2.23 lakh.
Will this decline last?
Market experts believe that at present the prices of gold and silver may remain fluctuating:
- America’s central bank ‘Federal Reserve’ has increased interest rates for the first time in 3 years. Due to this the price of gold is falling.
- However, geopolitical tensions and economic uncertainty may provide support to gold, causing investors to again choose it as a safe investment.
- Experts are of the opinion that investors should be cautious because the market is still showing signs of weakness, but any major fall can also become a buying opportunity.
Gold became cheaper by 8 thousand and silver by 14 thousand in September
If we talk about the month of September, so far in 28 days this month, gold has become cheaper by Rs 8 thousand and silver by Rs 14 thousand. On August 31, gold was at Rs 1.56 lakh per 10 grams, which has now come down to Rs 1.48 lakh. Similarly, the price of 1 kg silver has fallen from Rs 2.37 lakh to Rs 2.23 lakh.
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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