look news india
This time, a very good news has emerged in the Indian bullion market for the customers purchasing gold and silver on the holy festival of Rakshabandhan. Amidst the festive season and ongoing market fluctuations, a tremendous decline in the prices of precious metals has been recorded in the bullion markets across the country. This sudden fall in the prices of gold, which were continuously touching the sky for a long time, is showing a lot of enthusiasm among the common man and women. On the special occasion of Rakshabandhan, the prices of gold have decreased by about Rs 1,000, while the price of silver has also become weak. If you too are planning to buy gold and silver jewelery or coins for your family or sisters on this festive occasion, then this time can prove to be very economical for you. Let us know what is the latest retail price of gold and silver in the major metros of the country and your own city today.
Big relief in gold prices on Rakshabandhan
The fall in gold prices in the market during the festive season is being considered a pleasant surprise. Gold, which has been showing a continuous upward trend for the last few weeks, has now come down to a very low level. Prices have been under pressure due to slowdown in global bullion markets and profit-booking at the domestic level. Experts believe that due to global economic signals and the stance of the US Federal Reserve, investors have adopted a cautious stance in gold, which is directly benefiting Indian retail buyers. Customers who came to the markets to buy jewelery on the day of Rakshabandhan have taken full advantage of this decline and a lot of activity has been seen at the local bullion shops.
Heavy weakness in silver prices also
Along with gold, there is great news from the market for the lovers of white metal i.e. silver. There has been a continuous decline in silver prices for the last few sessions. Silver prices have cooled down due to slowdown in industrial demand and selling pressure in international commodity markets. There has been a big slippage in silver prices over the last week, making it look like a freebie for both investors and jewelers. However, if we look at the long span of last one year, silver has given bumper returns to its investors, but this current weekly decline is a relief for short-term buyers.
What is the price of gold today in major metros?
There is a slight difference in the prices of gold according to VAT, local tax and making charges in different cities of the country. Today in the capital Delhi, the price of 24 carat gold has fallen to around Rs 1,59,040 per 10 grams, while 22 carat gold is being sold at Rs 1,45,787 per 10 grams. In the financial capital Mumbai, the price of 24 carat gold has been recorded at Rs 1,59,320 and the price of 22 carat gold has been recorded at Rs 1,46,043 per 10 grams. Apart from this, in South Indian markets like Chennai, strong trading is being seen in 24 carat gold at Rs 1,59,780 per 10 grams and around this in Kolkata and Bengaluru.
Latest silver rate and local market condition
The shine of silver has also faded in metro cities and it is fitting into the budget of investors. In the country’s capital Delhi, the spot price of 999 fine silver has fallen to around Rs 2,40,950 per kg. Whereas in Mumbai and Kolkata, silver is being sold in the range of Rs 2,41,000 to Rs 2,41,370 per kg. In big cities like Chennai and Hyderabad, the price of silver has been recorded slightly higher i.e. up to around Rs 2,42,070 per kg. Local bullion traders say that due to lower prices on the holy festival of Rakshabandhan, the market has regained its vibrancy and people are buying gold coins, light jewelery and silver gifts on a large scale.
Pay special attention to these things before investing
If you are thinking of making any kind of investment on Rakshabandhan or in the coming days, do not decide just by looking at the price. While buying jewellery, always check its purity by checking the Hallmark mark. 24 carat gold is the purest but jewelery is not made from it, hence jewelery is always bought in 22 carat or less purity. Apart from this, do not forget to negotiate the making charges from the jeweler and get a confirmed GST bill, so that when you go to sell it in future, you can get the complete and correct valuation of your property.