Gold and silver prices have fallen due to profit booking in the futures market (MCX). On March 3, silver fell by about Rs 20,000 (7%) in the futures market. The price of 1 kg silver has come down to Rs 2.58 lakh. On Monday it was Rs 2.78 lakh. Gold has also fallen by about Rs 7,000 (4%). 10 grams of gold has come down to Rs 1.59 lakh. On Monday it was Rs 1.66 lakh. Bullion market closed today, silver increased by Rs 23,000 on March 2. Bullion market is closed today. Earlier on March 2, silver had become costlier by Rs 23,000 and gold by Rs 8,000. According to the India Bullion and Jewellers Association (IBJA), one kg of silver reached Rs 2.90 lakh. The price of 10 grams of 24-carat gold had reached Rs 1.67 lakh. Prices fell due to profit booking On Monday, due to rising tension between America, Israel and Iran, the demand for gold and silver as safe investment had suddenly increased, which had led to a big jump in the prices. On the other hand, when the trading started in the evening after the market was closed during the day due to Holi, investors did a lot of profit booking. Gold has become costlier by ₹34 thousand and silver by ₹60 thousand this year. This year, there has been a rise in the price of gold and silver. At the end of last year, gold was at Rs 1.33 lakh per 10 grams, which has now reached Rs 1.67 lakh. That means its price has increased by 34 thousand till now this year. Silver has also become costlier by Rs 60 thousand during this period. Experts: Gold could reach ₹1.72 lakh and silver ₹3.30 lakh. According to Jatin Trivedi, VP Research Analyst at LKP Securities, “The coming week is crucial for US economic data. Manufacturing and unemployment data are due, which will provide insights into the Federal Reserve’s policy. Technically, gold will remain strong as long as it remains above ₹1,64,000. If it crosses the ₹1,72,000 level, it could move higher.” Meanwhile, Ponmudi R, CEO of Enrich Money, says, “Gold is currently in a consolidation phase, but its trend is positive. If silver remains between ₹2.50 lakh and ₹2.70 lakh, it could again reach ₹3.20 lakh and ₹3.30 lakh.” Market will depend on US-Iran tension Experts believe that the next movement of gold and silver will depend on these two things: While buying gold from jewellers, keep these two things in mind 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 tells how many carats the gold is. 2. Cross check the price: Cross check the correct weight of gold and its price on the day of purchase from many sources (like the website of India Bullion and Jewellers Association). The price of gold varies according to 24 carat, 22 carat and 18 carat. 4 ways to identify real silver Read this news too… Gold worth more than the country’s GDP in Indian homes: 34,600 tons of gold worth ₹450 lakh crore, country’s GDP ₹370 lakh crore The total value of gold held by Indian families has crossed $5 trillion (₹450 lakh crore). This figure is more than the country’s total GDP of $4.1 trillion, or ₹370 lakh crore. This has happened due to gold prices reaching record highs. According to a Morgan Stanley report, approximately 34,600 tons of gold is stored in Indian homes. Currently, the value of gold is around ₹1.38 lakh per 10 grams. In the international market, gold is trading above ₹4,500 per ounce (about 28 grams). Converted into rupees, its value is around ₹1.30 lakh per 10 grams. Read the full news…
