Both gold and silver prices witnessed a significant decline in the bullion market on Tuesday , surprising investors and buyers. Gold fell by ₹3,034 per 10 grams compared to October 29 , while silver fell by ₹3,135 per kg .
This continued decline in the prices of precious metals is a result of domestic and international economic conditions.
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According to the Indian Bullion and Jewellers Association (IBJA) , 24-karat gold fell to ₹1,18,043 per 10 grams at the close of the market on Tuesday , representing a decline of ₹3,034. Similarly, silver fell to ₹1,41,896 per kg, a decline of ₹3,135.
Let’s see the latest prices of gold of different karats.
Latest gold and silver prices
According to the IBJA report:
- 24 Karat Gold : ₹1,18,043 per 10 grams
- 23 Karat Gold : ₹1,17,570 per 10 grams
- 22 Karat Gold : ₹1,08,127 per 10 grams
- 18 karat gold : ₹88,532 per 10 grams
- 14 karat gold : ₹69,055 per 10 grams
- 999 Purity Silver : ₹1,41,896 per kg
Meanwhile, prices in the Delhi bullion market witnessed a sharper decline. Gold fell by ₹4,100 to ₹1,21,800 per 10 grams , while silver fell by ₹6,250 to ₹1,45,000 per kg .
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Why did gold and silver prices fall?
The decline in prices is linked to changing global economic conditions. Following the easing of trade tensions between the US and China , investors reduced their investments in safe havens, such as gold.
When uncertainty in the global economy decreases, investors invest money in more profitable but riskier assets (such as the stock market), which reduces the demand for gold and silver.
International market situation
The same trend was seen in the global bullion market. Spot gold fell $ 94.36 to $3,887.03 per ounce . In the previous session, gold had also closed below the $4,000 per ounce level.
Similarly, silver prices also saw a decline of 2.85% , which shows that the pressure on precious metals is not just in India but across the world .
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Conclusion
While the current price decline may be disappointing for investors, it is good news for buyers especially those planning to buy gold or silver for weddings or festivals.
Experts say that global economic trends , the dollar index , and international market conditions could have a major impact on gold and silver prices in the next few weeks.
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