Today i.e. on March 24, a big decline has been seen again in the bullion market. Gold and silver prices have come down for the second consecutive day, which has brought relief to buyers. After being bullish for some time, now the market is going through a correction phase, which can prove to be a good opportunity for the common people.
How much did gold become cheaper today?
Today, a fall of ₹ 1,653 has been recorded in the price of gold on Multi Commodity Exchange. After this, gold has come to the level of around ₹ 1,37,607 per 10 grams.
Till a few days ago, gold was at record high, but now due to continuous decline, there is a coolness in the market.
Heavy fall in silver
There has also been a sharp decline in the prices of silver today. Silver has become cheaper by about ₹ 7,824 and reached ₹ 2,17,343 per kg.
This fall is beneficial for those who are planning to buy silver for a wedding or any special occasion.
Why are gold and silver prices falling?
There are many big reasons behind the falling prices of gold and silver. The biggest reason is the strengthening of the US dollar in the international market. When the dollar strengthens, the demand for gold reduces. Apart from this, high interest rates and profit booking by investors are also bringing down the prices.
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Impact of global market
Despite the ongoing tension in the Middle East, this time instead of investing money in gold, investors are going towards other options. This is the reason why gold, which is considered a safe haven, is under pressure and the prices are continuing to fall.
Is now the right time to buy?
If you are planning to buy gold or silver then this time can be beneficial for you. Especially before the wedding season, the reduction in prices is a big relief. However, experts say that there may still be fluctuations in the market, hence it is important to invest wisely. Overall, now is a good opportunity for buyers, but it is equally important to avoid haste.
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