New Delhi/Alive News: Gold and silver prices have declined sharply, bringing some relief to buyers planning weddings and other purchases. Gold has fallen below ₹1.36 lakh per 10 grams for the first time in seven months.
According to the Indian Bullion and Jewellers Association (IBJA), the price of 24-carat gold fell by ₹1,808 to ₹1,35,884 per 10 grams. Silver also became cheaper by ₹3,540, with its price dropping to ₹1.77 lakh per kilogram.
Over the past three days, gold prices have fallen by ₹6,536, while silver has declined by ₹8,500. On November 10, gold was priced at around ₹1.42 lakh per 10 grams and silver at ₹1.86 lakh per kilogram.
Market experts say the decline is mainly due to a stronger US dollar, rising bond prices and profit booking by large investors. Lower buying interest among ordinary customers has also affected demand.
Gold prices can differ from city to city because of transportation and security costs, local demand, jewellery association rates and the purchase prices of jewellers.
Silver prices have also come under pressure due to weaker industrial demand, particularly from the solar and electronics sectors, along with heavy selling in the market.
Commodity expert Ajay Kedia has advised buyers to purchase gold and silver in instalments rather than investing the entire amount at once. He suggested keeping an investment period of six months to one year.
Silver had touched a record high of ₹3.86 lakh per kilogram on January 29, while gold reached ₹1.76 lakh per 10 grams on the same date. Both metals have corrected significantly since then.
