CNN Central News and Network–ITDC India Epress/ITDC News Bhopal: Gold and silver prices fell in the bullion market on Wednesday, bringing some relief to investors and buyers. According to the latest market rates, silver dropped by Rs 744 to Rs 2.48 lakh per kilogram, while gold became cheaper by Rs 558 per 10 grams and came down to around the Rs 1.50 lakh level.
Experts said the softness in precious metal prices in the international market and the strength of the dollar are also being reflected in the domestic market. This is the main reason both gold and silver have registered a decline.
Relief for buyers
The easing in gold prices ahead of the wedding and festive season has come as a relief for buyers. With prices rising continuously for some time, consumers had been waiting before making purchases. The latest decline is expected to boost demand in the market.
Investors watching global cues
According to market experts, gold and silver prices are being influenced by US interest rates, the dollar index and global economic conditions. Prices may continue to fluctuate in the coming days as well, depending on international developments.
Prices based on gold purity
In the bullion market, gold prices are determined by its purity, or carat. Twenty-four carat gold is considered the purest, while 22-carat and 18-carat gold are mainly used for making jewellery.
Carat — Estimated price per 10 grams
24 carat — Rs 1.50 lakh
22 carat — Rs 1.37 lakh (approx.)
18 carat — Rs 1.12 lakh (approx.)
Note: Prices may vary slightly depending on the city and applicable taxes.
Silver demand remains firm
Despite the fall in prices, demand for silver remains strong in the industrial and jewellery sectors. Rising consumption in electronics, solar energy and other industries is keeping investor interest in silver intact.
What lies ahead?
Analysts believe that if uncertainty continues in the global market, gold and silver prices will remain volatile. Investors are being advised to keep a close watch on market trends while taking investment decisions.
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