Lucknow. If there is a wedding or any auspicious event at your house and you are thinking of buying gold and silver, then there is good news for you. There has been a huge decline in the prices of both the precious metals in the bullion market. In the last one month, gold has become cheaper by about Rs 10 thousand per 10 grams and silver by Rs 36 thousand per kilogram.
Gold became cheaper by Rs 10 thousand
According to bullion market data, the price of gold on October 15 was around Rs 1.50 lakh per 10 grams, which came down to around Rs 1.40 lakh by November 15. Whereas silver has fallen from Rs 2.20 lakh per kg to around Rs 1.84 lakh.
Why are the prices of gold and silver falling?
The main reasons behind the fall in prices are the interest rate policies of the US Federal Reserve, changes in crude oil prices and weak demand in the market. Due to interest bearing investment options being attractive, some investors are selling gold and silver and depositing money in banks.
Will gold and silver become cheaper in future?
According to bullion traders, the situation is not clear yet whether prices will fall further or will rise again. Some investors are waiting for further cheapening, while others are gradually buying in the current decline.
Traders believe that those investing in gold and silver with a long-term perspective can benefit. However, it is important to understand the market situation before investing.