This week there has been a decline in the prices of gold and silver. According to the website of India Bullion and Jewelers Association (IBJA), on last Saturday i.e. on November 9, gold was at Rs 77,382, which has now come down to Rs 73,739 per 10 grams (on November 16). That means this week its price has decreased by Rs 3,643.
Talking about silver, it was at Rs 90,859 last Saturday, which has now come down to Rs 87,103 per kg. In this way, its price has decreased by Rs 3,756 this week. 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.
Gold price according to carat
| carat | Price (Rs/10 grams) |
| 24 | 73,739 |
| 22 | 67,545 |
| 18 | 55,304 |
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 any 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 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.
Graphics Source: VaskarAssets
