The price of gold and silver declined today, i.e. on February 6. According to the India Bullion and Jewellers Association (IBJA), the price of silver in the bullion market fell by Rs 9,410 today to Rs 2,44,929 per kg. Earlier on Thursday, its price was Rs 2,54,339. It has become cheaper by Rs 37,533 in two days. At the same time, the price of 10 grams of 24 carat gold has come down by Rs 424 today to Rs 1,52,078. Earlier on Thursday, it was at Rs 1,52,502. Gold has become cheaper by Rs 6,080 in two days. On January 29, gold had made an all-time high of Rs 1,76,121 and silver had made an all-time high of Rs 3,85,933 in the bullion market.
Silver prices fell by ₹1.60 lakh in three days
Earlier, between January 29th and February 2nd, the price of silver fell by ₹1.60 lakh. Meanwhile, the price of gold fell by ₹26,000. Silver prices fell from ₹4 lakh to ₹2.41 per kg in futures trading (MCX). 10 grams of 24-carat gold fell from ₹1.70 lakh to ₹1.40 lakh. However, the prices of both rose afterward. Two reasons for the fall in gold and silver prices: Profit booking: Gold and silver prices reached record levels in recent days, prompting investors to book profits on a large scale. Decline in physical demand: After reaching all-time highs, physical demand weakened, raising concerns about industrial use. Keep these two things in mind while buying gold from jewellers 1. Buy only certified gold: Always buy certified gold with the hallmark of Bureau of Indian Standards (BIS). This number can be alphanumeric i.e. something like this – AZ4524. Hallmarking shows the carat of gold. 2. Cross check the price: Cross check the correct weight of gold and its price on the day of purchase from multiple sources (like the website of India Bullion and Jewellers Association). The price of gold varies according to 24 carat, 22 carat and 18 carat.
