Gold and silver prices are falling for the second consecutive day today i.e. on March 5. According to India Bullion and Jewelers Association (IBJA), 10 grams of 24 carat gold has fallen by Rs 3 thousand to ₹ 1.60 lakh. Earlier its price was Rs 1.63 lakh per 10 grams. Gold has become cheaper by Rs 7 thousand in 2 days. At the same time, one kg of silver has fallen by Rs 13 thousand to Rs 2.58 lakh. Earlier its price was ₹ 2.71 lakh per kg. It has become cheaper by Rs 32 thousand in two days. This fall in the prices of gold and silver has come due to profit booking. Gold became costlier by ₹ 26 thousand and silver by ₹ 27 thousand this year. 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 is now at Rs 1.60 lakh. That means its price has increased by Rs 26 thousand so far this year. Silver has also become costlier by Rs 27 thousand during this period. So far this year, the movement of gold and silver will depend on America-Iran tension. Market 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 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. 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.
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Silver became cheaper by ₹ 32 thousand in 2 days: It came at ₹ 2.58 lakh per kg, 10 grams of gold fell by ₹ 7 thousand and became ₹ 1.63 lakh.
