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If you are also planning to buy gold and silver for marriage or investment, then today there is a good news for you. Due to weak signals at the global level and selling pressure at the domestic level, a big fall in the prices of gold and silver has been recorded in the Indian bullion market today. Heavy selling was seen in precious metals both on Multi Commodity Exchange (MCX) and retail markets, due to which pure 24 carat gold fell below the crucial level of ₹1.50 lakh per 10 grams. This decline has given an excellent buying opportunity to common buyers.
Gold became cheaper: Price came below ₹ 1.50 lakh
According to the latest data coming from the bullion market, today the prices of 24 carat (99.9% purity) gold fell by about ₹ 1,590 per 10 grams and are trending around ₹ 1,49,510. At the same time, the price of 22 carat gold, which is most used for making jewellery, has also declined by ₹ 1,450 to ₹ 1,37,050 per 10 grams. Apart from this, the price of 18 carat gold has also fallen to the level of ₹ 1,12,130 per 10 grams.
The shine of silver also faded: heavy crash
Along with gold, there is good news from the market today for the buyers of silver also. Due to slowdown in industrial demand and decline in international markets, a big cut in silver prices has been seen. In the domestic market, the price of silver has fallen by more than ₹ 5,000 per kg to below ₹ 2,60,000. Experts say that due to changes in global manufacturing trends, silver is seeing more fluctuations than gold.
What are the gold rates today in big cities of the country?
There is a slight difference in the rates of gold and silver in different states and cities of India due to local taxes, octroi and jewelers’ making charges. Today the prices in the major metros of the country are as follows:
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Delhi: In the national capital, 24 carat gold is at ₹1,49,650 and 22 carat gold is at ₹1,37,190 per 10 grams.
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Mumbai: In the financial capital, the rate of 24 carat gold is ₹ 1,49,500 and the rate of 22 carat gold is ₹ 1,37,040.
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Kolkata: Here too, pure gold is being sold at the price of ₹ 1,49,500 and jewelery gold at ₹ 1,37,040.
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Chennai: In this major city of South India, 24 carat gold is at ₹ 1,52,170 and 22 carat gold is at ₹ 1,39,490.
Why is gold suddenly becoming worth pennies?
According to commodity market analysts, the main reason behind this big decline is the tough stance of the US Central Bank ‘Federal Reserve’. The Fed has postponed the possibility of cutting interest rates for the time being and has indicated that interest rates will remain high. Whenever interest rates go high, investors’ attraction towards non-interest bearing safe assets like gold decreases. Apart from this, the strengthening of the US dollar in the global markets has also increased the pressure on gold and silver prices.