Gold price fall as Diwali ended, broke 12-year record, and silver went bankrupt. Is this a good time to buy, or will it become even cheaper?

Gold and Silver Price Fall: As feared, the price of gold began to fall sharply after Diwali. This decline has broken a 12-year record. Gold prices have fallen sharply since Diwali ended. Silver's luster has also begun to fade.

Gold Price Biggest Fall: As feared, the price of gold began falling sharply as Diwali ended. This decline has broken a 12-year record. Gold prices have fallen sharply since Diwali ended. Silver's luster has also begun to fade. Gold prices fell by 6.3% in the international market on Tuesday.

Gold price breaks record

On Tuesday, October 21st, gold prices crashed. Gold fell 6.3% in a single day, while silver prices fell 7.1%. This single-day drop in gold prices broke a 12-year record. Gold prices continued to remain under pressure on Wednesday, following Tuesday's decline. Gold prices fell 2.9% in Asian markets to $4004.26 per ounce, while silver prices fell more than 2% to $47.89 per ounce. 6,190 metric tons of gold is hidden in America's "Patal Lok" (underworld). The world's largest gold vault, built at a depth of 80 feet, holds gold worth ₹5,11,09,26,12,00,000.

Reasons for the fall in gold prices

Gold prices have recorded their biggest drop in 12 years. Silver prices have also been crashing since Diwali. This decline in silver is the biggest since February 2021. The biggest reason behind this decline in gold and silver prices is profit-booking. Gold and silver have gained more than 50% this year. Now, profit-booking has begun in precious metals, causing gold to become cheaper. Meanwhile, increasing talks on a trade deal between the US and China, a strong dollar, the US shutdown, and the end of the festive season in India with Diwali have led investors to book profits. Investors are now eyeing US inflation data. The Federal Reserve is expected to cut interest rates.

Gold rate in india

With the end of the festive season, the seasonal buying of gold in India has also ended. Consequently, the lack of demand has driven down gold prices. Gold has slipped for the second consecutive day. In the past two days, the price of gold on MCX for December 5th has fallen by ₹2,500. Speaking of silver, after two consecutive days of stability, one kilogram of silver has become cheaper by ₹8,100. Gold has fallen from ₹1.32 lakh to ₹1.28 lakh per 10 grams, while silver has fallen by ₹8,000 to ₹1.50 lakh. According to experts, the downward trend in gold prices may continue for the next few days.

Gold Price in India

From October 17 till now, gold has become cheaper by Rs 7000. On October 17, the price of 24 carat gold had reached Rs 130874 per 10 grams. On October 20, it fell by about 4 thousand and reached Rs 126730 per 10 grams. On October 22, gold fell and reached Rs 123907.
Price of 24 carat gold is Rs 123907 per 10 grams,
price of 22 carat gold is Rs 123411 per 10 grams,
price of 18 carat gold is Rs 113499 per 10 grams

PC:ZeeNews