Over the past two months, there has been a substantial decrease in the prices of gold and silver. The drop has been so significant that silver has fallen below the 200,000 rupee mark per kilogram, while gold has reached a level of 142,000 rupees per 10 grams. Consequently, discussions have arisen regarding whether the current moment is suitable for purchasing these metals.
Gold price fell by 24,000 rupees
The value of gold on the MCX exchange experienced a sharp decline. If the price was 165,600 rupees on August 24, it decreased to 142,150 rupees by October 23, representing a loss of 23,450 rupees in just two months. Furthermore, in October alone, the price of gold fell by 8,000 rupees.
Silver price fell by 54,000 rupees
Similar to gold, silver prices also experienced a significant decrease. On August 24, silver cost 251,000 rupees per kilogram on the MCX, but by October 23, the price had reduced to 196,000 rupees. Thus, over two months, silver lost 55,000 rupees. During October itself, silver dropped by 30,000 rupees.
How much have gold and silver prices fallen from record highs?
The prices of both metals have shown a significant decline relative to their historical highs. Gold, whose record high is 193,000 rupees, has fallen by 51,000 rupees from this mark. Silver, whose record high reached 420,000 rupees, is 224,000 rupees cheaper than its peak value.
Reasons for the fall in gold and silver prices?
The article raises the question of the reasons behind the decline in precious metal prices.
Is it worth buying gold now?
Those planning purchases during the holiday season are advised to buy gold and silver in installments rather than with the entire sum at once, as the probability of further price drops remains. Investors are advised to invest in gold in small portions during each dip and maintain a long-term strategy.