Gold-Silver Price Today: After 7 months, gold fell below Rs 1.36 lakh, silver also became cheaper by Rs 3,540; Know the 3 big reasons for the decline

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There is relief news for people preparing to buy gold and silver during the wedding season. Gold and silver prices continue to fall in the domestic bullion market. Gold has fallen below Rs 1.36 lakh per 10 grams after 7 months. At the same time, silver has also become cheaper by Rs 3,540 and reached Rs 1.77 lakh per kg.

Gold became cheaper by ₹ 1,808 and silver by ₹ 3,540

According to the Indian Bullion and Jewelers Association (IBJA), the price of 24 carat gold has fallen by Rs 1,808 to Rs 1,35,884 per 10 grams. A day before this it was close to Rs 1.38 lakh.

At the same time, the price of one kg silver has decreased by Rs 3,540 to Rs 1.77 lakh. In the last three trading days, gold has become cheaper by Rs 6,536 and silver by Rs 8,500.

On November 10, gold was Rs 1.42 lakh per 10 grams and silver was Rs 1.86 lakh per kg.

3 big reasons for the fall in gold and silver prices

  1. Dollar strength: The strengthening of the US dollar in the international market has put pressure on the demand and prices of gold.
  2. Selling by big investors: Big investors are selling gold and silver to earn profits at higher prices.
  3. Weak Demand: Due to record high prices, common buyers have reduced purchases, which has affected demand in the market.

How much did gold and silver become cheaper than all time high?

On January 29 this year, silver had reached a record level of Rs 3.86 lakh per kg. It is about Rs 2.09 lakh less than the current price.

Similarly, gold was at an all-time high of Rs 1.76 lakh per 10 grams on January 29. Now its price has reduced by about 40 thousand rupees.

Would it be right to buy gold and silver now?

According to commodity expert Ajay Kedia, buying gold and silver in installments instead of buying it outright can be a better strategy. Investors should buy gradually at an interval of 15-20 days. It would be better to have a perspective of 6 months to one year for investment.

Keep these 2 things in mind while buying gold

  • Must see BIS Hallmark: While buying gold, check BIS hallmark and 6 digit HUID code.
  • Check price and weight: Compare price with IBJA quote before purchasing. Rates of 22, 24 and 18 carat gold are different. Also take information about making charges and GST.

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