Gold Price Today: If you are thinking of buying gold or silver jewellery, then there is a very good news for you from the market. The bullion market has been witnessing continuous ups and downs for the past few days, due to which the prices of the precious metals have fallen significantly. Talking about today, there is no new change in gold and silver prices. But if we look at the accounts of the last 10 days, the buyers have got a big relief. During this period, 24 karat pure gold has become cheaper by Rs 5840 per 10 grams. Also, 22 carat gold used in making jewelery has become cheaper by Rs 5050.
A sharp fall in the price of silver
Not only gold, but also silver has surprised investors. The sluggishness of industrial demand is evident in the market. Along with this, there has also been rapid profit booking by investors. This is the reason why the price of one kg of silver has decreased by Rs 25,000 in the last 10 days. If we look at the figures, the price of silver decreased by 5 thousand rupees on October 23. After this, its prices remained completely stable for five consecutive days. But after that between 29th to 31st October i.e. in three consecutive days, silver was further reduced by 20 thousand rupees per kg. Currently, one kg of silver is being sold at the price of Rs 2,00,000 in the Delhi market. It is available at similar prices in other major cities of the country like Mumbai, Chennai and Kolkata.
Why is the luster of gold and silver fading?
Crude oil prices have risen sharply amid ongoing geo-political instability at the international level. This boiling directly reduces the luster of precious metals. Apart from this, their prices are also softening due to the tightening monetary policies of central banks around the world. In fact, central banks around the world may raise interest rates in the future to stem rising inflation.
The US central bank, the Federal Reserve, raised interest rates by 25 basis points in September. Although the Federal Reserve left rates unchanged in October policy, it certainly signaled more hikes. Talking about India, RBI also increased the interest rate by 25 basis points in early October. A simple rule of the market is that whenever there is an environment for rising interest rates, the luster of gold begins to fade. This is the reason why there is a lot of pressure on prices right now.
