There is a decline in the gold and silver market due to profit booking. Today, on March 3, silver fell by about Rs 20 thousand (7%) in the futures market. The price of 1 kg silver has come down to Rs 2.58 lakh. On Monday it was at Rs 2.78 lakh. At the same time, there is a decline of about Rs 7 thousand (4%) in gold also. 10 grams of gold has come to Rs 1.59 lakh. On Monday it was at Rs 1.66 lakh. Bullion market closed today, silver increased by Rs 23 thousand on March 2. Bullion market is closed today. Earlier on March 2, silver had become costlier by Rs 23 thousand and gold by Rs 8 thousand. According to India Bullion and Jewelers Association (IBJA), one kg of silver has reached Rs 2.90 lakh. At the same time, the price of 10 grams of 24 carat gold had reached Rs 1.67 lakh. Prices fell due to profit booking. On Monday, due to the increasing tension between America, Israel and Iran, the demand for gold and silver as safe investment suddenly increased, due to which there was a big jump in the prices. At the same time, when trading started in the evening after the market remained closed during the day due to Holi, investors booked profits extensively. This year, gold became costlier by ₹ 34 thousand and silver by ₹ 60 thousand. There has been a rise in the prices of gold and silver this year. At the end of last year, gold was at Rs 1.33 lakh per 10 grams, which has now reached Rs 1.67 lakh. That means its price has increased by Rs 34 thousand so far this year. Silver has also become costlier by Rs 60 thousand during this period. Experts: Gold can go up to Rs 1.72 lakh and silver can go up to Rs 3.30 lakh. According to Jatin Trivedi, VP Research Analyst of 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. Upward It may go higher if ₹1,72,000 level is crossed.” 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 US-Iran tension. Experts believe that the next movement of gold and silver will depend on these two things: Keep these 2 things in mind while buying gold from jewelers. 1. Buy only certified gold: Always buy certified gold with 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. Cross check the price: Cross check the exact weight of the gold and its price on the day of purchase from multiple sources (like 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 a magnet. If it sticks then it is fake. Ice Test: Place ice on the 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.
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Silver became cheaper by ₹ 20,000 today, came to ₹ 2.68 lakh: Gold became cheaper by ₹ 7,000 to ₹ 1.58 lakh, prices fell due to profit booking.
