Today (November 13) the price of gold and silver has seen an increase. According to the India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24 carat gold rose by Rs 266 to Rs 75,166. Earlier it was priced at Rs 74,900 per ten gram.
Also, the price of silver is also increasing today. It is Rs. 1,393 to Rs. 89,645 per kg. Earlier silver was Rs 88,252. 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.
4 Gold Price in Metro and Bhopal
- Delhi: The price of 10 grams of 22 carat gold is Rs 70,600 and the price of 10 grams of 24 carat gold is Rs 77,000.
- Mumbai: The price of 10 grams of 22 carat gold is Rs 70,450 and the price of 10 grams of 24 carat gold is Rs 76,850.
- Kolkata: The price of 10 grams of 22 carat gold is Rs 70,450 and the price of 10 grams of 24 carat gold is Rs 76,850.
- Chennai: The price of 10 grams of 22 carat gold is Rs 70,450 and the price of 10 grams of 24 carat gold is Rs 76,850.
- Bhopal: The price of 10 grams of 22 carat gold is Rs 70,500 and the price of 10 grams of 24 carat gold is Rs 76,900.
Gold in two weeks Rs. 4,515 cheaper 24 carat gold has fallen by Rs 4,515 (6%) per 10 grams in the last 2 weeks. 24 carat gold was at a record level of Rs 79,681 per 10 gram on October 30, which has now fallen to Rs 75,166. While on October 23, silver reached Rs 99,151, which is now Rs 89,645 per kg.
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 visible 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.
Gold can go up to 85 thousand rupees by June Ajay Kedia, director of Kedia Advisory, says that gold was bound to decline after a big rally. The price of gold is less likely to fall below 74 thousand rupees per 10 grams. After the US, the UK has reduced interest rates. This will increase buying of gold ETFs. In such a situation, gold can reach 85 thousand rupees per 10 grams by June 30 next year.
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.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
