Gold Becomes Cheaper by ₹1,200 per 10 Grams
In a sudden turn of events, gold prices in India have taken a dip, making it a great time for investors and buyers to jump on the bandwagon. According to the All India Sarafa Association, gold prices have declined by ₹1,200 to ₹1,00,170 per 10 grams in Delhi on Tuesday. This is a significant drop from the previous market session, where the precious metal of 99.9% purity had closed at ₹1,01,370 per 10 grams.
This decline in gold prices is expected to have a positive impact on the jewelry industry, as well as on investors who have been waiting for the right moment to invest in the precious metal. With the prices of gold becoming more affordable, it is likely to attract more buyers and investors to the market.
The All India Sarafa Association is a prominent trade body that represents the interests of gold and jewelry dealers across India. The association’s data provides valuable insights into the trends and patterns of gold prices in the country.
Meanwhile, silver prices have taken a different route. According to the same report from the All India Sarafa Association, silver prices have gone up by ₹100 to ₹1,07,200 per kilogram (inclusive of all taxes) on Tuesday. This increase in silver prices may be attributed to a combination of factors, including supply and demand imbalances, as well as global market trends.
The price of gold is influenced by a range of factors, including global demand and supply, currency fluctuations, and interest rates. In recent times, the gold market has been affected by a decline in global demand, as well as a strengthening of the US dollar. The decline in gold prices can be attributed to a combination of these factors, as well as the expectations of interest rate hikes in the US.
On the other hand, silver prices are influenced by a range of factors, including industrial demand, jewelry demand, and investment demand. Silver is a highly versatile metal, with a range of industrial applications, including electronics, solar panels, and water purification systems. As a result, demand for silver is often driven by industrial and technological advancements.
The decline in gold prices is expected to have a positive impact on the jewelry industry, as well as on investors who have been waiting for the right moment to invest in the precious metal. With the prices of gold becoming more affordable, it is likely to attract more buyers and investors to the market.
For investors, the decline in gold prices presents an opportunity to invest in the precious metal at a lower price. Gold is often seen as a safe-haven asset, and is often used as a hedge against inflation and market volatility. With the prices of gold becoming more affordable, investors may be tempted to invest in the precious metal, which could have a positive impact on the overall market.
In conclusion, the decline in gold prices to ₹1,00,170 per 10 grams in Delhi is a significant development in the precious metal market. With the prices of gold becoming more affordable, it is likely to attract more buyers and investors to the market. The increase in silver prices, on the other hand, may be attributed to a combination of factors, including supply and demand imbalances, as well as global market trends.
Source: https://repository.inshorts.com/articles/en/PTI/78d159a9-333b-4d2f-8a8d-021fa0870193
