There is good news for people planning to buy gold and silver. A big fall in the prices of gold and silver was recorded in the bullion market of the national capital Delhi on Thursday. Due to weak demand and sluggish signals from the global market, gold became cheaper by Rs 2,800 per 10 grams. There was also a huge fall in the price of silver by Rs 5,000 per kg.
Gold reached Rs 1.45 lakh per 10 grams
According to All India Bullion Association, gold of 99.9 percent purity fell by Rs 2,800 to Rs 1,45,300 per 10 grams. Earlier in the last trading session, its price was Rs 1,48,100 per 10 grams. This fall in prices has brought some relief to jewelery buyers and investors.
Experts say that this decline has been seen due to weak demand in the domestic market and increasing pressure on gold prices in the international market.
Big softness in silver also
Along with gold, there was a sharp decline in the prices of silver also. In the bullion market, silver became cheaper by Rs 5,000 and reached Rs 2,26,000 per kg. Earlier the price of silver was Rs 2,31,000 per kg.
This fall in silver prices is a relief news for those investors who were avoiding buying due to high prices for a long time.
Impact of international market also
The impact of the global market was also seen on the prices of precious metals. In the international market, spot gold fell by $ 21.15 or 0.53 percent to $ 3,978.06 an ounce. At the same time, silver also weakened by 0.56 percent to reach $ 57.10 an ounce.
Market experts believe that gold and silver remain under pressure due to cautiousness of investors and weak demand at the global level. If the same trend continues in the international market, then further fluctuations in prices may be seen in the domestic market in the coming days. At present this decline is being considered a good buying opportunity for buyers.
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