Patna: Gold prices declined for the third consecutive day on October 14, bringing some relief to buyers planning purchases during the festive season. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold fell by Rs 1,272 per 10 grams to around Rs 1.46 lakh.
Silver prices also recorded a sharp decline. The price of one kilogram of silver fell by Rs 4,646 to approximately Rs 2.20 lakh. Over the past three days, gold has become around Rs 3,000 cheaper, while silver prices have declined by nearly Rs 6,000.
Gold Fell by Rs 8,000, Silver by Rs 15,000 in September
Precious metal prices also witnessed a significant decline in September. Gold prices fell by around Rs 8,000 per 10 grams during the month, while silver became cheaper by approximately Rs 15,000 per kilogram.
On August 31, gold was priced at around Rs 1.56 lakh per 10 grams. By September 30, the price had dropped to approximately Rs 1.48 lakh. Similarly, silver prices fell from around Rs 2.37 lakh per kilogram to Rs 2.22 lakh during the same period.
Will the Decline Continue?
Gold and silver prices may remain volatile in the coming days, depending on global economic developments and investor sentiment.
Interest rate decisions by the US Federal Reserve can influence gold prices by affecting the dollar and the relative attractiveness of interest-bearing investments. Meanwhile, geopolitical tensions, including the US-Iran conflict, and broader economic uncertainty may support demand for gold as a safe-haven asset.
Market experts advise investors to remain cautious amid signs of weakness. However, a further correction in prices could create potential buying opportunities for those considering long-term investments.
Two Things to Check Before Buying Gold
1. Buy BIS-hallmarked gold: Consumers should purchase gold jewellery carrying a valid Bureau of Indian Standards (BIS) hallmark. Buyers should check the hallmark details and verify the jewellery’s authenticity before making a purchase.
2. Cross-check the price and weight: Gold rates vary according to purity. Consumers should check the prevailing market rate through reliable sources, including IBJA, and confirm the jewellery’s weight and applicable making charges and taxes.
