There was a decline in the prices of gold and silver this week. According to India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24 carat gold has fallen by Rs 1,654 to Rs 1.56 lakh. Before this, it was at Rs 1.58 lakh last week i.e. on 23rd May. At the same time, silver has fallen from Rs 2.66 lakh per kg to Rs 2.63 lakh. That means its price reduced by Rs 2,650. Gold price journey: From ₹1.76 lakh to ₹1.56 lakh Gold had seen a rise in the beginning of this year, but in the last few weeks it has declined due to profit-booking and global reasons. Crash in Silver Prices: Silver has seen more fluctuations than gold from ₹3.86 lakh to ₹2.63 lakh. It has come far below its all-time high. Main reasons for the decline: Leaving metal and relying on ‘cash’ Generally, the prices of gold and silver increase in the environment of war, but this time the situation is a little different: 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).
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There was a decline in gold and silver this week: The price of silver decreased by ₹ 2650 to ₹ 2.66 lakh kg, gold became cheaper by ₹ 1654.
