New Delhi. While usually the prices of gold and silver increase on the occasion of festivals, this time the reverse trend was seen. On the day of Ram Navami, there was a sharp fall in the prices of precious metals, which changed the market environment.
How much did gold become cheaper in one day?
According to the latest data, the price of 24 carat gold came down to Rs 1,43,715 per 10 grams. A day earlier this price was around Rs 1,46,205. That means a fall of about Rs 2,490 was recorded in just 24 hours.
If we talk about different carats then-
23 carat: Approximately Rs 1,43,140/10 grams
22 carat: Around Rs 1,31,643/10 grams
18 carat: Approximately Rs 1,07,786/10 grams
14 carat: around Rs 84,073/10 grams
It is clear from this that the decline was not limited to just one category, but the entire gold segment was under pressure.
Big fall in silver also
Along with gold, silver has also weakened.
A day ago the price of silver was around Rs 2,34,814 per kg.
Now it has come down to around Rs 2,25,700 per kg.
That means a fall of about Rs 9,114 per kg was recorded in silver.
How much has the trend changed in a month?
If compared with the beginning of March, the decline looks even bigger. At the beginning of the month, gold was around Rs 1,67,471/10 grams, but now it has come down to Rs 1,43,715 i.e. an overall fall of about Rs 23,756.
A similar big change took place in silver also. At the beginning of the month, the price was around Rs 2,89,848/kg, but now it is around Rs 2,25,700/kg i.e. a fall of around Rs 64,148 per kg.
What is the reason for the decline?
The impact of the global market is clearly visible behind this decline. Crude oil prices have crossed $110 per barrel. This has strengthened the dollar. When the dollar is strong, investors prefer to move money out of gold and into dollars. This is the reason why the demand for gold and silver decreased and there was pressure on prices.
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