Amazing! Gold became cheaper by Rs 10246 in 13 days, price of silver also reduced by more than Rs 25000

Gold and Silver Price Fallen: A huge fall was recorded in the prices of gold and silver on Thursday, 30 November. According to India Bullion and Jewelers Association (IBJA), the price of 10 grams of gold has decreased by Rs 1,375 to Rs 1,19,253 in just one day. A day before this, on Wednesday, the price of gold was Rs 1,20,628 per 10 grams.

The price of silver also decreased

Silver has also fallen by Rs 1,033 to Rs 1,45,600 per kg, whereas on October 29 its price was Rs 1,46,633 per kg. This has brought a lot of relief to the people. At the beginning of this month, on October 17, gold had reached its all-time high of Rs 1,30,874 and silver of Rs 1,71,275. After this, in just 13 days, gold has become cheaper by Rs 10,246 and silver by Rs 25,675.

Why did the price of gold fall?

• There has been a decline in the demand for gold and silver after festivals like Dhanteras and Diwali. There was a slowdown in purchasing, which affected the price of gold and silver.
• After the record-breaking rise in prices, now the phase of profit-booking is going on. Other technical indicators like Relative Strength Index (RSI) show that prices have reached the overbought zone, so now trend followers and dealers are in selling mode.
• Global tension has also reduced, due to which the demand for gold has reduced. Generally, gold is considered a safe investment because its value remains intact even during economic crisis.

How much have prices increased this year?

So far this year, the price of gold has increased by Rs 43,091. On December 31, 2024, the price of 10 grams of 24 carat gold was Rs 76,162, which has now become Rs 1,19,253 per 10 grams. During this period, the price of silver has also increased by Rs 59,583. On December 31, 2024, the price of one kilogram of silver was Rs 86,017, which is now Rs 1,45,600 per kilogram.

Keep these things in mind

While purchasing gold, always buy gold with Bureau of Indian Standards (BIS) hallmark. This is an alphanumeric number, which can be used to find out how pure the gold is. Also, always cross check the price. Go to different websites such as the website of India Bullion and Jewelers Association and see what are the gold prices per gram or 10 grams today according to carat.

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