Gold-Silver Latest Rates: In the wedding season, a reassuring news has come from the bullion market. The rise of gold and silver, which has been touching new heights for the last few trading sessions, has come to a halt this week. The prices of both the precious metals have come down drastically. This sharp decline has brought joy to the faces of common buyers.
Read:- Huge fall in the prices of gold and silver, gold became cheaper by Rs 4 thousand and silver by more than Rs 8 thousand.
If we look at the data of this business week, it becomes clear that the scope of decline in gold and silver is much bigger than normal and shocking. Within just five days, the price of gold has decreased by Rs 4,000 per 10 grams. Silver has fallen flat. Silver has become cheaper by more than Rs 8,000 per kg in a week.
According to India Bullion Jewelers Association (IBJA), the purest gold i.e. 24 carat gold has lost its shine the most. This week the price of 24 carat gold fell by Rs 4,694 per 10 grams. After this big cut, now its price has come down to Rs 1,54,884 per 10 grams. Just a few days ago it was trading at a record level of Rs 1,59,578 per 10 grams.
According to India Bullion Jewelers Association (IBJA), the purest gold i.e. 24 carat gold has lost its shine the most. This week the price of 24 carat gold fell by Rs 4,694 per 10 grams. After this big reduction, now its price has come down to Rs 1,54,884 per 10 grams. Just a few days ago it was trading at a record level of Rs 1,59,578 per 10 grams.
22 carat gold has also become very cheap this week. 22 carat gold, considered the first choice of common customers making jewellery, has reached Rs 1,41,874 per 10 grams. Earlier it was available at Rs 1,46,173 per 10 grams. That means you will now get a profit of Rs 4,300 per 10 grams.
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The prices of budget friendly 18 carat gold have also fallen flat. The price of 18 carat gold has decreased by Rs 3500 per ten grams this week. After this deduction, it is now available at Rs 1,16,163 per 10 grams. Earlier, the price of 18 carat gold was Rs 1,19,684 per 10 grams.
Tremendous fluctuations were seen in the gold market during this trading week. 24 carat gold touched its highest level of Rs 1,55,835 per 10 grams in the evening trading session on August 31. On the contrary, due to heavy selling in the evening session of September 2, it had fallen to the lowest level of the week i.e. Rs 1,51,184 per 10 grams.
This week it has been a lottery for silver buyers. We are saying this because there has been a record breaking fall in the prices of silver. The price of silver directly fell by Rs 8,436 per kg to Rs 2,35,456 per kg. Earlier the rate of silver was Rs 2,43,892 per kg.
A lot of fluctuations were also seen in silver this week. On August 31, silver reached the highest level of Rs 2,37,199. On the morning of September 3, due to selling pressure, it had dived to the lowest level of Rs 2,28,360 per kg.
This turmoil in the domestic bullion market is directly linked to the global market, where internationally gold is trading around $ 4,500 an ounce and silver around $ 66 an ounce. The weakness in the global market had a direct impact on the domestic bullion markets and the selling pressure on Indian exchanges also continued to increase.
Read :- Gold-Silver Price Today: Huge fall in the prices of gold and silver, check today's rate.
Market analysts and commodity experts believe that the deepening geopolitical tension between America and Iran is the biggest reason behind this sudden decline in gold and silver. Due to the ongoing military attacks and retaliation between the two countries, the US dollar, bond yields and crude oil prices have strengthened internationally.