Today (November 14) the prices of gold and silver have seen a big drop. According to the India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24 carat gold is Rs. 1,316 down to Rs. 73,944 has happened. Earlier its price was Rs 75,260 per ten grams.
Silver prices also decreased today. It is Rs. 2,189 down to Rs. 87,558 per kg. Earlier silver was Rs 89,747. Also, on October 23 silver rose to Rs. 99,151 and on October 30, gold was Rs. 79,681 was at an all-time high.
24 carat gold has depreciated by Rs 5,737 (7%) per 10 grams in the last 15 days. 24 carat gold was at a record level of Rs 79,681 per 10 grams on October 30, which has now fallen to Rs 73,944. While on October 23, silver reached Rs 99,151, which is now Rs 87,558 per kg.
Gold price by carat
| Carat | Price (Rs/10 Grams) |
| 24 | 73,944 |
| 22 | 67,733 |
| 18 | 55,458 |
4 Gold Price in Metro and Bhopal
- Delhi: The price of 10 grams of 22 carat gold is Rs 69,500 and the price of 10 grams of 24 carat gold is Rs 75,800.
- Mumbai: 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.
- Kolkata: 10 grams of 22 carat gold costs Rs 69,350 and 10 grams of 24 carat gold costs Rs 75,650.
- Chennai: 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.
- Bhopal: The price of 10 grams of 22 carat gold is Rs 69,400 and the price of 10 grams of 24 carat gold is Rs 75,700.
4 main reasons behind the current decline in gold prices
- After a three-month rally in gold, demand has eased due to profit booking. Due to which its price is decreasing.
- After the victory of Donald Trump in America, the dollar index has increased by 2.36%. American bond prices have increased. Due to both these factors the demand for gold has decreased.
- Gold prices were rising due to rising tensions in the Middle East, Russia-Ukraine, Israel-Hamas, Israel-Iran, but no major movement is seen at the moment.
- After Trump's victory, the Federal Reserve cut rates by a lower-than-expected 0.25%. It also reduced the growing demand for gold.
Keep these 3 things in mind while buying gold
Keep these 3 things in mind while buying gold
1. Buy only certified gold
Always buy certified gold bearing the Bureau of Indian Standards (BIS) hallmark. Gold has a 6 digit hallmark code. It is called Hallmark Unique Identification Number or HUID. This number is alphanumeric ie something like – AZ4524. How many karats the gold is can be known by hallmarking.
2. Check the cross price
Cross-check the correct weight of the gold and its price on the day of purchase from multiple sources (such as the India Bullion and Jewelers Association website). The price of gold varies according to 24 carat, 22 carat and 18 carat. 24 karat gold is considered to be the purest gold, but it is not used in jewelry because it is too soft.
3. Don't pay cash, take bills
While buying gold, it is better to pay through UPI (like BHIM app) and digital banking instead of cash payment. You can also pay by debit or credit card if you wish. Don't forget to take the bill after this. Be sure to check the packaging if you ordered online.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
