New Delhi58 minutes ago
- copy link
Today, on February 2, a day after the presentation of the budget, the gold and silver markets are in decline for the third consecutive day. Today i.e. on 2nd February, silver fell by about Rs 23 thousand (9%) in the futures market.
The price of 1 kg silver came to Rs 2.41 lakh. There is also a fall of about Rs 7 thousand (6%) in gold. 10 grams of gold has come to Rs 1.40 lakh.
Silver sold at Rs 2.36 lakh in bullion market
Today in the bullion market also, silver has become cheaper by Rs 29,255 and gold by Rs 6,427. According to India Bullion and Jewelers Association (IBJA), one kg of silver has come at Rs 2,36,496 per kg. At the same time, the price of 10 grams of 24 carat gold has come down to Rs 1,42,270.
Gold becomes cheaper by ₹ 30 thousand and silver by ₹ 1.60 lakh in three days
- The price of gold on the futures market i.e. Multi Commodity Exchange (MCX) has fallen by Rs 30 thousand in two days.
- On January 29, it had reached Rs 1.69 lakh, which is trading at Rs 1.40 lakh today.
- The price of silver has fallen by Rs 1.60 lakh. On January 29, it had reached Rs 4.01 lakh per kg, which is trading at Rs 2.40 lakh today.
Gold and silver prices in bullion market
2 reasons for the decline in gold and silver
Profit Booking: The price of gold and silver had reached record levels in recent times, after which investors booked profits on a large scale.
Reduction in Physical Demand: Physical demand weakened after all-time highs, and concerns about industrial use also increased.
Pressure on gold and silver prices due to increase in margins
SEBI registered commodity expert Anuj Gupta said that after copper, Chicago Mercantile Exchange (CME) has now increased the margin money on gold and silver also.
Margin on gold has been increased from 6% to 8%. Whereas on silver it has been increased from 11% to 15%. Prices are expected to remain under pressure due to margin increase.
When someone makes a big deal in the commodity market, he does not have to pay the entire amount immediately. He has to deposit a small part of the total price as security, which is called ‘margin’. Increasing margin means that now traders will have to invest more money.
There are many traders who have already made purchases. As the margin increases, the exchange asks for additional money from them. If they do not have money immediately, they have to sell their gold or silver. When a lot of people sell at once, prices start falling.
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 black mark appears then it is genuine.
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]
