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Gold prices have fallen from their highest level of about Rs 6,700 per 10 grams so far due to a massive cut in customs duty in the budget and pressure on international prices ahead of the US presidential election. While the price of silver has fallen from an all-time high to Rs 13000 per kg. However, bullion experts believe that this is a great opportunity to buy gold. Investors can buy gold even at the current price and sell it at a better price later. Bullion experts believe that the price of gold can go up to Rs 18000 per 10 grams.
Let us tell you here that after the announcement of reduction in customs duty in the budget, there has been a huge drop in the price of gold. Due to which gold buyers are in trouble.
India Bullion and Jewelers Association's official website (ibjarats.com) latest gold price According to, yesterday morning, 10 grams of 999 purity gold saw a decline, but the price rose again in the evening. Gold rose by Rs 62 to Rs 68,131 in the closing price. The price of gold was Rs 68,069 in the opening price in the morning. However, silver remained soft and closed at Rs 81,271 per kg after falling by Rs 65 in the opening price. Silver was seen at an opening price of Rs 81,336.
Second biggest decline in a day
According to media reports, Jatin Trivedi, Vice President of Research, Commodity and Currency at LKP Security, said that the current fall in gold prices has come down from Rs 75,000 per 10 grams to Rs 70,000. The big fall in gold prices is somewhere giving investors a chance to buy. New York-based Comex Gold recently touched the $2,500 mark for the first time. The biggest fall in a day was seen in terms of rupee, according to which gold fell by about Rs 4200.
Can the price increase up to Rs 18000?
In a media report, global market strategist and researcher Sarvendra Srivastava has given his opinion on the gold market scenario. He said that the MCX price in the spot market is not the actual price of gold as it includes currency exchange rates and fees. Currently, gold is at $ 3,000 on the London Bullion Exchange, where the world takes prices, but we are at around $ 2,400, so gold is likely to rise by Rs 18,000 to bring this 600 point gap back on track.
special Notes: It is worth noting here that the price published by the India Bullion and Jewelers Association shows the standard price of gold of different purities. All these prices are before tax and making charges. The rates issued by IBJA are accepted across the country. But GST is not included in its prices. The price that the customer has to pay while buying jewellery is higher because it includes tax. The price is announced by the association twice in the morning and evening.