Gold becomes cheaper by more than ?11,000 in one week, silver prices also drop

(Fast Mail):-- Gold and silver price witnessed a significant decline this week, making gold and silver cheaper by more than ?11,000 and ?28,000 respectively.

According to the India Bullion and Jewellers Association (IBJA), the price of gold fell by ?11,181 over the past week to ?1,47,218 per 10 grams, down from the previous level of ?1,58,399.The price of 22-carat gold has decreased to ?1,34,852 per 10 grams, which was previously ?1,45,093 per 10 grams.

The price of 18-carat gold has dropped to ?1,10,414 per 10 grams, compared to ?1,18,799 per 10 grams earlier.

Along with gold, silver prices also saw a major decline.Silver prices fell by ?28,124 to ?2,32,364 per kilogram, down from ?2,60,488 per kilogram previously.

Internationally, the past week was the worst for gold in 15 years, with a 9.6% drop in gold prices—the largest weekly decline since September 2011.

On COMEX, gold prices fell to $4,574.90 per ounce, compared to $5,061.70 per ounce a week earlier.Silver experienced a similar situation, with a drop of more than 14% in the past week.

On COMEX, silver prices decreased to $69.66 per ounce, down from $81.343 per ounce earlier.

According to experts, the decline in gold and silver prices is due to profit booking and a strengthening dollar, causing investors to shift from precious metals to other investment instruments.

Related Business News

LPG Crisis Deepens Amid War; Opposition Targets Government Over Black Marketing

NEW DELHI: As the US-Israel-Iran conflict enters its fourth week, the deepening energy crisis is severely affecting households across the country, leading to a growing shortage of cooking gas. Complaints about LPG shortages and rising black marketing have intensified political confrontations an....

Gold prices surge again, silver becomes over Rs10,000 more expensive

BHUBANESWAR: On Wednesday, a sharp rise was seen in the prices of gold and silver. As a result, the price of 24-carat gold reached over ?1.46 lakh per 10 grams, while the price of silver crossed ?2.34 lakh per kg. According to the India Bullion Jewellers Association (IBJA), the price of 24-car....

Global Financial Markets: Sensex Plunges 1,836 Points, Investors Lose 13.65 Lakh Crore

Amid escalating tensions in West Asia, the Indian stock market closed with sharp declines on the first trading day of the week, Monday. The benchmark indices — Nifty50 and Sensex — fell more than 2 percent each, driven by the intensifying US-Iran conflict. At market close, the 30-s....

'This Time, the Rupee Crosses 100': Sanjay Raut Says Modi and Shah Are Busy Plotting 'Game' in Bengal

(Fast Mail):-- Political rhetoric regarding the Indian rupee's continuous depreciation has intensified. Targeting the Central Government, Sanjay Raut—a Member of Parliament from the Shiv Sena (Uddhav Thackeray faction)—stated that the rupee's weakness is a grave issue linked to the....

Stock Market Suffers Another Major Decline: Sensex Plunges 1,342 Points, Investors Lose ?3 Lakh Crore

Amid the ongoing conflict in West Asia, a sharp rise in crude oil prices once again led to a major decline in Indian stock markets on Wednesday, with the BSE Sensex falling 1,342 points and the NSE Nifty slipping below 24,000. This drop came after a single day of gains. Traders said that, in a....