Why suddenly gold started selling at throwaway prices? This big and surprising reason came to light

New Delhi: If you are also planning to buy gold or silver, then today Monday has brought great news for you. Today such news has come from the bullion market which will make the faces of customers smile. There has been a huge fall in the prices of gold and silver today. While on one hand the price of gold has fallen to Rs 3,422 per 10 grams, on the other hand there is an outcry in the prices of silver. The rate of silver has fallen by more than Rs 13,000 in one stroke.

Due to this sharp fall, the price of silver in the market has now come down to Rs 2,50000. Let us tell you that the Indian Bullions Jewelers Association (IBJA) has released the new official prices of gold and silver for Monday morning. Let us know at what price gold and silver are being sold in your city today.

What is the rate of 24 carat to 14 carat gold today?

According to the latest report of the Indian Bullions Jewelers Association, as soon as the market opened on Monday morning, the rate of 24 carat pure gold was recorded at Rs 150,768 per 10 grams. Earlier on Friday afternoon, the same gold was being sold at the level of Rs 154,190 per 10 grams. That means, from Friday to Monday morning, there has been a huge fall of Rs 3,422 in the prices of pure gold.

Talking about gold of other purity, today the rate of 23 carat gold in the bullion market has come down to Rs 150,164 per 10 grams. Along with this, the rate of 22 carat gold, which is most preferred for making jewellery, has been recorded at Rs 138,130 per 10 grams. At the same time, the price of 18 carat gold has fallen to Rs 113,076 and the rate of lowest purity 14 carat gold has reached Rs 88,199 per 10 grams.

Historic fall in silver prices, price below Rs 2.50 lakh

Those who buy silver today are going to benefit a lot compared to gold. Today the heaviest fall in silver prices has been recorded. Now the latest rate of 1 kg silver in the market has fallen to the level of Rs 241,160. It is noteworthy that last Friday the market price of silver had closed at a high level of Rs 254,950 per kg. If seen in this way, since Friday till now the prices of silver have dropped by a huge amount of Rs 13,790.

Silver became cheaper by Rs 25,000 in just a few days

If we go back a little further and compare, this decline in the prices of gold and silver has been continuous for the last few days. On June 2 this month, the rate of 24 carat gold in the bullion market was close to the all-time high of Rs 156,296 per 10 grams, compared to which on Monday the price of gold has decreased by Rs 5,528. At the same time, on June 2, the rate of silver was at the level of Rs 266,200 per kg, from then till today i.e. within just a few days, a huge decline of Rs 25,040 has been seen.

Why did the prices of gold and silver suddenly fall?

Market experts say that the continuous rise in crude oil prices globally is having a direct impact on the prices of gold and silver. Due to the cost of crude oil, inflationary pressure is increasing all over the world. This is the reason why Central Banks around the world are constantly considering increasing interest rates, which is having a direct negative impact on the bullion market and investors are withdrawing money from gold.

If we talk about our country i.e. domestic level, at present there has been a huge decline in the demand for gold and silver in the Indian markets. The wedding season has completely passed and the upcoming new festive season is still many months away. Due to absence of weddings, buyers are missing from the markets and due to reduced demand, domestic conditions have pushed down the prices of gold and silver.