There has been a big fall in the prices of gold and silver today (14 November). According to India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24 carat gold fell by Rs 1,316 to Rs 73,944. Earlier its price was Rs 75,260 per ten grams.
The price of silver also declined today. It fell by Rs 2,189 to Rs 87,558 per kg. Earlier silver was at Rs 89,747. At the same time, on October 23, silver had made an all-time high of Rs 99,151 and on October 30, gold had made an all-time high of Rs 79,681.
In the last 15 days, 24 carat gold has become cheaper by Rs 5,737 (7%) per 10 grams. On October 30, 24 carat gold was at a record level of Rs 79,681 per 10 grams, which has now come down to Rs 73,944. Whereas on October 23, silver had reached Rs 99,151, which is now at Rs 87,558 per kg.
Gold price according to carat
| carat | Price (Rs/10 grams) |
| 24 | 73,944 |
| 22 | 67,733 |
| 18 | 55,458 |
Gold price in 4 metros and Bhopal
- Delhi : The price of 10 grams 22 carat gold is Rs 69,500 and the price of 10 grams 24 carat gold is Rs 75,800.
- Mumbai : The price of 10 grams 22 carat gold is Rs 69,350 and the price of 10 grams 24 carat gold is Rs 75,650.
- Kolkata : The price of 10 grams of 22 carat gold is Rs 69,350 and the price of 10 grams of 24 carat gold is Rs 75,650.
- Chennai : The price of 10 grams 22 carat gold is Rs 69,350 and the price of 10 grams 24 carat gold is Rs 75,650.
- Bhopal : The price of 10 grams 22 carat gold is Rs 69,400 and the price of 10 grams 24 carat gold is Rs 75,700.
4 main reasons behind the current fall in gold prices
- After three months of rise in gold, demand has decreased due to profit booking. Due to this, there is a decline in its price.
- The dollar index has risen 2.36% since Donald Trump's victory in America. The price of American bonds has increased. Due to both these factors the demand for gold has decreased.
- Gold prices were increasing due to increasing tensions in the Middle East, Russia-Ukraine, Israel-Hamas, Israel-Iran, but no major movement is visible right now.
- After Trump's victory, the Federal Reserve cut rates by 0.25%, below expectations. This also reduced the increasing demand for gold.
Keep these 3 things in mind while buying gold
1. Buy only certified gold Always buy certified gold bearing the hallmark of Bureau of Indian Standards (BIS). There is a 6 digit hallmark code on gold. This is called Hallmark Unique Identification Number i.e. HUID. This number is alphanumeric i.e. something like this – AZ4524. Through hallmarking it is possible to find out how many carats of gold is.
2. Cross check the price Cross-check the correct weight of gold and its price on the day of purchase from multiple sources (such as the website of India Bullion and Jewelers Association). The price of gold varies according to 24 carat, 22 carat and 18 carat. 24 carat gold is considered to be the purest gold, but jewelery is not made from it because it is very soft.
3. Do not pay cash, take bill While buying gold, it is better to make payment through UPI (like BHIM app) and digital banking instead of cash payment. If you want, you can also make payment through debit or credit card. After this don't forget to take the bill. If you have ordered online then definitely check the packaging.
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Also read this business related news
Today is the second day of Jinka Logistics Solutions' IPO, it was subscribed 24% on the first day.
Today i.e. 14th November is the second day of the IPO of Jinka Logistics Solutions Limited. This IPO was subscribed by a total of 24% on the first day. This IPO was subscribed 52% in the retail category, 25% in the Qualified Institutional Buyers (QIB) category and 2% in the Non-Institutional Investors (NII) category. Retail investors will be able to bid in this issue till November 18.
Graphics Source: VaskarAssets
