New Delhi/Patna: Gold and silver prices declined on October 6, with both precious metals witnessing a fall in domestic bullion markets.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold fell by Rs 920 per 10 grams, reaching around Rs 1.47 lakh.
Silver prices also declined, with one kilogram becoming Rs 3,176 cheaper and reaching approximately Rs 2.21 lakh.
Gold and Silver Also Fell in September
Precious metal prices had also declined during September.
According to the available data, 24-carat gold was priced at around Rs 1.56 lakh per 10 grams on August 31. By September 30, the price had fallen to approximately Rs 1.48 lakh, marking a decline of around Rs 8,000 during the month.
Silver also declined during the period. Its price fell from around Rs 2.37 lakh per kilogram on August 31 to approximately Rs 2.20 lakh on September 30.
Will the Decline Continue?
Gold and silver prices could remain volatile in the near term, with several factors influencing the bullion market.
Changes in US monetary policy, geopolitical uncertainty and investor sentiment can affect precious metal prices.
Gold can also receive support during periods of economic or geopolitical uncertainty as investors often consider it a relatively safe-haven asset.
Market participants are therefore advised to remain cautious and monitor price movements before making investment decisions.
What to Check When Buying Gold
Consumers should keep a few important points in mind while purchasing gold jewellery or bullion.
Buy BIS-Hallmarked Gold: Buyers should check for a valid Bureau of Indian Standards (BIS) hallmark and verify the relevant identification details before purchasing gold.
Cross-Check the Price: Consumers should compare the day’s gold price across reliable sources, including IBJA rates, and verify the weight and purity of the gold being purchased.
Gold prices differ according to purity, with 24-carat, 22-carat and 18-carat gold carrying different rates.
How to Check Silver Purity
Consumers should also be careful while purchasing silver and should rely on proper purity certification rather than informal home tests.
A BIS hallmark or appropriate purity certification is a more reliable way to verify silver than methods such as magnet, ice, smell or cloth tests.
Buyers should also obtain a proper bill mentioning the weight, purity and applicable charges when purchasing silver jewellery or bullion.
Gold and Silver Prices Remain in Focus
The latest fall comes after both gold and silver experienced significant price movements in September.
With global economic conditions, monetary policy and geopolitical developments continuing to influence bullion markets, prices may remain volatile in the coming days.
Consumers and investors should therefore check the latest verified rates before buying or selling precious metals.
