There was a big drop in the prices of gold and silver today (14 November). According to the India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24-carat gold fell by Rs 1,521 to Rs 73739. Earlier its price was Rs 75,260 per ten grams.
The price of silver also fell today. It fell by Rs 2,644 to Rs 87,103 per kg. Earlier silver was at Rs 89,747. On October 23, silver made an all-time high of Rs 99,151 and on October 30 gold made an all-time high of Rs 79,681.
In the last 15 days, 24-carat has become cheaper by Rs 5,942 (7%) per 10 grams. On October 30, 24-carat was at a record level of Rs 79,681 per 10 grams, which has now come down to Rs 73739. On the other hand, silver had reached Rs 99,151 on October 23, which is now at Rs 87,103 per kg.
Gold price in 4 metros and Bhopal
- Delhi: The price of 10 grams of 22-carat is Rs 69,500 and the price of 10 grams of 24-carat is Rs 75,800.
- Mumbai: The price of 10 grams of 22- carat is Rs 69,350 and the price of 10 grams of 24-carat is Rs 75,650.
- Kolkata: The price of 10 grams of 22 carat is Rs 69,350 and the price of 10 grams of 24-carat is Rs 75,650.
- Chennai: The price of 10 grams of 22-carat is Rs 69,350 and the price of 10 grams of 24-carat is Rs 75,650.
- Bhopal: The price of 10 grams of 22-carat is Rs 69,400 and the price of 10 grams of 24-carat is Rs 75,700.
4 main reasons behind the current fall in the price
- After three months of rise in gold, the demand has decreased due to profit booking. Due to this, its price is falling.
- Since Donald Trump’s victory in the US, the dollar index has risen by 2.36%. The price of US bonds has increased. Due to these two factors, the demand has decreased.
- The prices were rising due to increasing tensions in the Middle East, Russia-Ukraine, Israel-Hamas, and Israel-Iran, but no major movement is visible right now.
- After Trump’s victory, the Federal Reserve cut the rate by 0.25%, which was less than expected. This also reduced the increasing demand.
Keep these 3 things in mind while buying gold
1. Buy certified gold
Always buy certified gold with the hallmark of the Bureau of Indian Standards (BIS). There is a 6-digit hallmark code. It is called a 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 of gold there are.
2. Cross check the price
Cross-check the correct weight of gold and its price on the day of purchase from many sources (such as the website of India Bullion and Jewelers Association). The price varies according to 24 carat, 22 carat, and 18 carat. 24-carat is considered to be the purest, but jewelry is not made from it because it is very soft.
3. Don’t pay in cash, take the bill
When buying gold, it is better to pay through UPI (like the Bhim App) and digital banking instead of cash payment. If you want, you can also pay through debit or credit card. After this, do not forget to take the bill. If you have ordered online, then definitely check the packaging.
