The ongoing war between America and Iran may have set oil and gas prices on fire all over the world, but it has come as a great opportunity for people thinking of buying gold and silver. Since the beginning of the war, there has been a continuous decline in the prices of gold and silver in the bullion market.
Amidst this geopolitical tension, gold has become cheaper by about Rs 25,000 from its highest level. At the same time, the prices of silver have fallen drastically from Rs 1.25 lakh to Rs 1.41 lakh. Even on June 10, the trend of falling gold prices did not stop and gold became cheaper from the global market to the domestic futures market (MCX).
On June 10, a huge decline of more than 40 dollars was recorded in the price of spot gold in the international market. With this, gold has slipped to $ 4,180 per ounce in the global market, whereas it had closed at $ 4,221 per dollar the previous day.
Talking about the domestic market, the price of gold on MCX fell by $ 23 to $ 1,52,420 per 10 grams. Like gold, the price of silver on MCX also saw a fall of Rs 428, due to which the price of 1 kg silver has now come down to Rs 2,38,100.
According to the latest ratelist released on the website of India Bullion and Jewelers Association (IBJA), the prices of gold and silver have come down significantly. Let us tell you that IBJA releases the official ratelist of gold and silver twice every day. This is an average rate of gold across the country, which does not include additional taxes like GST and making charges. This is the reason why there is a slight difference in the final prices of gold and silver in different states and cities of the country. At present today’s rates according to purity are as follows:
The price of gold of 24 carat purity has come down to Rs 1,51,973 per 10 grams. At the same time, the price of 22 carat purity gold, which is most commonly used for making jewellery, has been recorded at Rs 1,39,767 per 10 grams. Apart from this, if we talk about the price of 18 carat gold, it is running at Rs 1,14,438 per 10 grams. Now the price of 1 kg silver in the market has reached Rs 2,45,607.
According to bullion market experts, the price of silver had reached its all-time high (highest level) of Rs 3.86 lakh per kg on January 29 this year, which has now become cheaper by about Rs 1.41 lakh. Similarly, gold had also touched its highest ever level of Rs 1.76 lakh per 10 grams recently, in which till now there has been a huge reduction of up to Rs 25,000. In such a situation, this is considered to be the most favorable time for shopping for the customers in terms of wedding season and investment.
