If you too were planning to buy gold and silver for the last few days or were thinking of strengthening your investment portfolio, then this news is both a relief and shocking for you. Amidst the ongoing ups and downs in the bullion market for the last few sessions, a big fall in the prices of precious metals has once again been recorded. Due to continuous global signals and sluggishness in domestic demand, gold has fallen to its lowest level in the last seven weeks (7-Week Low). Not only gold, but there has also been a huge decline in the prices of white metal i.e. silver, where the price of silver has fallen by around Rs 2,900 in one stroke. This huge decline, which came just before the festive and wedding season, has surprised the market traders and common customers. Everyone is desperate to know why there is sudden slowdown in the market and what is the latest retail price of gold and silver in the bullion markets of the country. Big fall in gold prices and lowest level in 7 weeks. Indian bullion market and Multi Commodity Exchange (MCX) were under continuous pressure for the last few weeks, which has now clearly manifested in the form of a big fall in prices. Due to weakness in the international bullion market and strength in the US dollar index, investors have started booking profits from gold as a safe investment, due to which gold prices are continuously falling. According to data, this is the first time in the last seven weeks that gold has reached its lowest level. This correction in the once skyrocketing gold prices seems to be providing great relief to those middle class families who were postponing the purchase of gold due to high prices. Experts say that uncertainties regarding global economic data and interest rates of the US Federal Reserve are having a direct impact on the movement of the bullion market, due to which the inclination of investors is currently shifting towards other assets. Heavy earthquake seen in silver too: Prices fell by Rs 2,900 in one fell swoop. Along with gold, silver, which is considered very important from industrial and investment point of view, has also seen a period of severe recession this time. A huge fall of about Rs 2,900 per kg has been recorded in the prices of silver, which has drawn lines of worry on the forehead of investors. Due to lack of industrial demand and continuous selling in the futures market, silver seems to be losing its shine. Silver had given excellent returns to investors in the last few months, but the recent recession has put brakes on that enthusiasm in the market. Bullion traders believe that whenever there is a slowdown in the prices of commodities in the international market, sharper fluctuations are seen in silver than gold. This is the reason why such a huge fall in silver prices has been recorded in a single day, which has also affected the enthusiasm of buyers in the retail market. Know what is the latest retail price of gold and silver in major cities of the country. According to the latest data available from the bullion market, after this huge fall in prices, shopping has become a bit economical for the customers. There has been a significant decline in the prices of 24 carat and 22 carat gold in major cities like the country's capital Delhi, Mumbai, Chennai, Kolkata and Lucknow. Currently, 24 carat gold is trading well below its previous high, while the price of 22 carat gold also seems to be coming within the budget range. Apart from this, silver has also slipped from its record breaking high level and has now come into an attractive range. However, due to local taxes, excise duty and making charges in different states, there may be a slight difference in the retail prices of gold and silver, hence before purchasing, you must confirm the latest price from your nearest bullion dealer. Market experts' advice: Is this the right opportunity to buy or will prices fall further? After this sudden fall in the prices of gold and silver, the question that is uppermost in the minds of investors and the general public is whether they should buy now or wait for the prices to come down further. Commodity market experts believe that considering the global economy and geopolitical situation, this volatility in the market may continue for a few more weeks. For those who want to buy gold or silver from a long-term investment perspective, this correction can prove to be a great opportunity, because precious metals have always been considered the safest and strongest asset. However, short-term traders are advised to keep a close eye on the market's technical charts and global cues to avoid any major losses. This recession before the festive season has brought a great opportunity for the customers.
