New Delhi18 minutes ago
- copy link
There is a fall in the prices of gold and silver today on March 4. According to India Bullion and Jewelers Association (IBJA), 10 grams of 24 carat gold has fallen by Rs 6,149 to ₹ 1.61 lakh. Earlier on Monday, its price was Rs 1.67 lakh per 10 grams.
At the same time, one kg of silver has fallen by Rs 23,417 to Rs 2.66 lakh. Earlier on Monday, its price was Rs 2.89 lakh per kg. This fall in the prices of gold and silver has come due to profit booking. The market was closed on Tuesday due to Holi festival.
4 reasons why gold prices differ in different cities
Transportation and Security: Transporting gold from one city to another involves fuel and heavy security costs. As distance from import centers increases, transportation costs increase, which increases local prices.
Purchase quantity: In areas like South India, due to high consumption (about 40%), jewelers buy gold in large quantities. Customers get the benefit of discount on bulk purchasing in the form of lower prices.
Local Jewelery Association: Every state and city has its own jewelery associations (e.g. Madras Jewelers Association in Tamil Nadu). These organizations decide the rate of gold for their area based on local demand and supply.
Old Stock and Purchase Price: The rate at which the jewelers purchased their stock also matters. Jewelers who have old stock purchased at cheaper rates can charge lower prices to customers.
Experts: Gold can go to Rs 1.72 lakh and silver to Rs 3.30 lakh
According to Jatin Trivedi, VP Research Analyst, LKP Securities, “The coming week is very important in terms of American economic data. Manufacturing and unemployment figures are about to come, which will give an idea of the policy of the Federal Reserve. Technically, as long as gold is above ₹ 1,64,000, it will remain strong. If it crosses the level of ₹ 1,72,000, it can go further higher.”
At the same time, Ponmudi R, CEO of Enrich Money, says that “Gold is currently in the phase of consolidation, but its trend is positive. If silver remains between ₹ 2.50 lakh to ₹ 2.70 lakh, then it can again go up to ₹ 3.20 lakh to ₹ 3.30 lakh.”
Market will depend on America-Iran tension
Experts believe that the next movement of gold and silver will depend on these two things:
Middle East crisis: If tensions between Iran and America increase further or crude oil prices rise again, gold and silver may rise again.
US data: If US economic data comes out better than expected, the dollar will strengthen and this may put pressure on gold prices.
Keep these 2 things in mind while buying gold from jewelers
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.
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 will melt much faster on real silver.
Smell Test: Real silver has no smell. Fakes may smell like copper.
Cloth Test: Rub the silver with a white cloth. If a black mark appears then it is real.
Read this news also…
Indian households have more gold than the country’s GDP: 34,600 tonnes of gold worth ₹450 lakh crore, country’s GDP ₹370 lakh crore
The total value of gold held by Indian households has crossed $5 trillion (₹450 lakh crore). This figure is more than the country’s total GDP of 4.1 trillion dollars i.e. Rs 370 lakh crore. This has happened due to gold prices reaching record high. According to a report by Morgan Stanley, about 34,600 tonnes of gold is deposited in Indian homes.
Currently the value of gold is around Rs 1.38 lakh per 10 grams. Whereas in the international market, gold is trading beyond $ 4,500 per ounce (about 28 grams). If we convert it into rupees then its value is around Rs 1.30 lakh per 10 grams. Read the full news…
Source link
[ad_3]
