National/Alive News: Gold and silver prices witnessed a sharp decline in September, with gold becoming cheaper by ₹8,000 per 10 grams and silver falling by ₹15,000 per kilogram.
Gold prices dropped from ₹1.56 lakh per 10 grams on August 31 to ₹1.48 lakh on September 30. Similarly, silver prices declined from ₹2.37 lakh per kilogram to ₹2.22 lakh during the same period.
Will Gold and Silver Prices Fall Further?
Experts expect precious metal prices to remain volatile amid global economic and geopolitical developments. Interest rate decisions by the US Federal Reserve can influence gold prices, while geopolitical tensions and economic uncertainty may increase demand for gold as a safe-haven investment.
Investors should exercise caution and assess market conditions before making investment decisions. A price decline may offer a buying opportunity, but further losses remain possible.
Two Things to Check Before Buying Gold
- Check the BIS hallmark: Buy hallmarked gold and verify its authenticity and purity through the official Bureau of Indian Standards (BIS) system.
- Compare prices: Check the day’s rate, purity, weight, making charges and applicable taxes before purchasing. Prices differ for 24-carat, 22-carat and 18-carat gold.
Four Ways to Check Silver Authenticity
- Magnet test: Silver is not strongly attracted to a magnet, but this test alone cannot confirm authenticity.
- Ice test: Silver conducts heat efficiently, so ice may melt quickly on its surface.
- Smell test: A strong metallic odour may indicate impurities, but smell is not a reliable test.
- Cloth test: Genuine silver can tarnish and leave dark marks, but this does not conclusively prove purity.
For reliable verification, ask a trusted jeweller or testing laboratory to check the silver’s purity.
