New Delhi25 minutes ago
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After continuous rise in the prices of gold and silver, now they have started declining. According to India Bullion and Jewelers Association (IBJA), the price of silver has fallen by Rs 1,051 today i.e. on October 23, it is being sold at Rs 1,51,450 per kg. The price had reached an all-time high of Rs 1,78,100 on October 14, since then it has fallen by Rs 26,650.
At the same time, the price of 10 grams 24 carat gold has decreased by Rs 553 today to Rs 1,23,354. Earlier, gold had made an all-time high of Rs 1,30,874 in the trade on October 17. Since then it has fallen by Rs 7,520.
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 ₹ 47,192 and silver by ₹ 65,433
So far this year, the price of gold has increased by Rs 47,192. 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 65,433 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.
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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It is the year 1980. The price of silver increased by $ 2 per ounce to $ 48. But how did this happen? America’s Hunt Brothers were behind this. One-third of the world’s silver was in the pockets of these two brothers. Nelson Bunker Hunt and William Harber Hunt drove silver up by over 700%. This story from the Hunt Brothers involves greed, conspiracy, and a crash known as Silver Thursday. Read the full news…
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