Lottery started for gold buyers! Gold became cheaper by ₹ 7000 in 4 days, is this the best opportunity to buy?

The biggest good news has come for those who were sitting idle after seeing the skyrocketing prices of gold. Last week there was such an earthquake in the gold market that prices fell drastically. From its all-time high level, gold has now become cheaper by more than ₹ 7000 per 10 grams.

Imagine, the gold which was trading above ₹ 1.30 lakh at the beginning of the week, came down to ₹ 1.23 lakh by the end of the week. This decline has been seen everywhere from the international market to the domestic market.

Tsunami came in four days, prices fell drastically

• Monday (20 October): gold futures price ₹1,30,624 It was per 10 grams.
• Friday (24 October): after falling this price ₹1,23,255 But he came.
• How much decline: That means gold in just four trading days ₹7,369 per 10 grams Till became cheaper!

Even in the domestic market, the shine of gold has faded. 24 carat gold here in a week ₹6,115 per 10 grams Till is broken.

What are the prices of different quality gold today?
(According to Indian Bullion Jewelers Association)

(Note: This price is without GST and making charges. While purchasing jewellery, 3% GST and making charges are levied separately.)

So how did gold suddenly become so cheap?

Two main reasons are being given behind this big decline:

1. Profit Booking: When gold reached its peak, big investors started selling heavily to recover their profits, which put huge pressure on prices.
2. America-China ‘friendship’: Tension over trade between the world’s two largest economies, America and China, has eased somewhat. When expectations of peace in the world increase, investors withdraw money from safe metals like gold and invest them in risky places like the stock market, due to which the demand for gold decreases.

Market experts believe that this decline could be a ‘golden opportunity’ for those who were thinking of purchasing for weddings or investing in gold for the long term.