October 31, 13:12Aaj Tak

Sharp drop in gold and silver prices: Silver fell by 17,000 rupees, gold also lost value

A significant decrease in the price of gold and silver is being observed. Prices for both metals have fallen substantially in Delhi and Chennai. On Friday, silver dropped by ten thousand rupees, and gold prices showed a decline exceeding 4,000 rupees.

The reason for this price collapse was the release of inflation data from the USA. Inflation in America exceeds the central bank's target rate by two percent. This prompts forecasts of further interest rate hikes by the Federal Reserve. If the trend of rising rates continues, a further decline in gold and silver prices is expected.

On Friday, the price of 10 grams of gold on the MCX fell to 138,419 rupees, while the cost of silver decreased by more than 10 thousand rupees, reaching 178,900 rupees per kilogram.

A substantial decrease in precious metal prices has also been recorded internationally. On the Comex on Friday, the price stood at $3,884.90 per ounce, corresponding to a drop of 3.63 percent. The price of silver fell by 6.20%, amounting to $49.14 per ounce.

Over the past week, silver has fallen by 17,000 rupees. If the price on October 23 was 1.95 lakh rupees, it has now dropped to 1.78 lakh rupees per kilogram. The fall of more than 10 thousand rupees occurred only on Friday.
Over the week, the value of gold has also decreased by 4,000 rupees. The price on the MCX fell from 1.42 lakh to 1.38 lakh rupees per 10 grams, with most of this decrease occurring specifically on Friday.

Previously, silver reached a record high in January at 4.20 lakh rupees, but it has now fallen by 2.42 lakh rupees, reaching 1.78 lakh rupees. Similarly, the price of gold has decreased by 55 thousand rupees from the mark of 1.93 lakh rupees to the current 1.38 lakh rupees.

In Delhi, 24-carat gold is valued at 1,38,440 rupees per 10 grams, and silver has reached the mark of 2 lakh rupees.

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www.aajtak.inOctober 30, 17:35

Gold Price Drops by 50 Thousand Rupees Ahead of Diwali-Dhanteras

A significant decline in gold prices is being observed ahead of the festivals of Diwali and Dhanteras, presenting a favorable opportunity for buyers. Previously, such a sharp drop in gold prices immediately before the festivals was not anticipated.

On Friday, a substantial fall in the price of gold on the MCX exchange was recorded; the price decreased by approximately 2.50% to reach the mark of 138,250.00 rupees per 10 grams. This contrasts with January of this year, when the price of 24-carat gold was up to 1.91 lakh rupees. Thus, gold has become cheaper by more than 50 thousand rupees per 10 grams, and on Friday, it had already dropped by more than 4,000 rupees.

For retail buyers and investors, this could be a favorable moment to purchase gold jewelry or investments, given that gold is currently available at lower prices compared to last year. However, considering the current global uncertainty, experts advise against making large lump-sum purchases.

It is recommended to buy gold in installments or through a SIP system to balance the average purchase cost. If it concerns investments, one should focus on the long term—no less than two years, as gold is traditionally considered a hedge against inflation and provides better returns in the long run.

The main factors influencing gold price fluctuations are global circumstances. These include geopolitical tensions worldwide, particularly the conflict between the US and Iran. Furthermore, many major countries are raising interest rates, and the crude oil price remains above $110 per barrel, indicating continued instability in the world economy.
Despite the current difficulties, financial analysts believe that the attractiveness of gold as a reliable investment does not diminish in the long term. They predict that after inflation decreases in America and subsequent interest rate cuts, the luster of gold may return.

www.aajtak.inOctober 22, 07:59

Sharp drop in silver and gold prices on the MCX exchange

On the Multi Commodity Exchange (MCX), precious metal prices experienced a sharp decline on Thursday following the start of futures trading. Prices for both metals plummeted: the cost of silver fell by more than 5,000 rupees, reaching a level of 2.03 lakh rupees per kilogram, while the futures gold rate dropped to 1.44 lakh rupees per 10 grams.

The drop in silver prices accelerated on Thursday, although a decrease had been observed over the past four days. On MCX, the price of silver with a December 4 expiry fell to 2,03,798 rupees, compared to closing at 2,09,168 rupees on the previous trading day. Thus, silver lost 5,370 rupees per kilogram in a single move.

Comparing current prices to the historical high, silver on MCX had previously exceeded the 4 lakh rupee mark for the first time at the end of January, peaking at 4,20,048 rupees. Based on current prices, silver is now available 2,16,250 rupees cheaper than its maximum value.

Not only silver, but also futures prices for gold sharply decreased. On MCX, 24-carat gold with a December 4 expiry fell to 1,44,311 rupees from an opening price on Thursday. Previously, on Wednesday, it traded at 1,46,079 rupees per 10 grams, representing a decrease of 1,768 rupees per 10 grams.

The decline in gold prices has continued since the beginning of this week. On Friday, the last trading day of last week, the futures price of gold was 1,47,918 rupees per 10 grams. As of the writing of this news on Thursday, the gold rate had fallen by 3,607 rupees. Furthermore, compared to September 30, when 10 grams of gold cost 1,49,036 rupees, it is now cheaper by 4,725 rupees per 10 grams.