Major drop in gold and silver prices: Rates tumbled as soon as the market opened today; Check the latest rates in your city before buying. Big fall in the prices of gold and silver: Prices fell as soon as the market opened today, check the latest rates in your city before shopping.

After the continuous record rise in the Indian bullion market, today there is relief news for customers and investors. Gold and silver prices have declined today due to profit booking at upper levels in the domestic market and changing equations at the global level. From the Multi Commodity Exchange (MCX) to the spot markets of big cities of the country, the prices of both the precious metals are trading in the red today. This decline has given a good opportunity to those who were planning to buy during the wedding season or for investment purposes.

Bullion market slowed down due to global market pressure

Commodity market experts say that due to the strength of the dollar in the international markets and investors’ caution regarding the upcoming policy meeting of the US Federal Reserve, there is some pressure on the global demand for gold. This has had a direct impact on the Indian futures market (MCX) and retail jewelery market. Silver prices, which were skyrocketing for the last few days, have seen a major softening today, due to which both industrial demand and retail buyers are closely monitoring the market movements.

Today’s latest price of 22 carat and 24 carat gold

Today, in the major bullion markets of the country, the prices of both 24 carat (pure gold) and 22 carat (jewellery gold) have fallen per 10 grams. According to market analysts, after this softening, the price of 24 carat pure gold per 10 grams has declined slightly, while the price of 22 carat gold, which is most commonly used for making jewellery, has also declined. At the same time, proportionate relief is being seen in the prices of 18 carat gold today, due to which the purchase has become a little affordable for middle class buyers.

What are today’s rates in your nearest cities?

Due to different geographical (local) taxes and making charges, there is a slight difference in the price of gold and silver in different states and cities of the country. While the prices in metropolitan cities like capital Delhi, financial capital Mumbai, Kolkata and Chennai are trading in new ranges with a slight decline, local jewelers associations of cities like Lucknow in Uttar Pradesh, Kanpur in Rajasthan, Jaipur in Rajasthan and Patna in Bihar have also released reduced rates this morning. Customers are advised to check Hallmark before entering into any transaction.