Is gold losing its shine? Fall of ₹ 10,643 in 21 days and silver broken at ₹ 30,090 – Festive demand is over or is a big correction going to come in the market? What are the new rates, which factors are affecting them?
New Delhi. If you are thinking of buying gold or silver, then this news is very useful for you. There has been a big fall in the prices of gold and silver in the last few weeks. While on October 17, gold had reached an all-time high of ₹ 1,30,874 per 10 grams, now in 21 days its price has fallen by ₹ 10,643 to ₹ 1,20,231. Similarly, the price of silver has also registered a huge fall of ₹ 30,090 in 24 days. Now the price of silver is ₹ 1,48,010 per kg, which was earlier ₹ 1,78,100.
Why did the gold and silver prices suddenly fall?
This time, after the end of festive seasons like Diwali and Dussehra, the demand for gold has decreased rapidly. According to India Bullion and Jewelers Association (IBJA), the price of gold fell further by ₹439 on November 7. On one hand the tension in the global market has reduced, while on the other hand investors are booking profits. Technical indicators (RSI) were also showing that gold had reached the overbought zone, so traders started selling.
Latest gold rates (per 10 grams) in big cities of the country
City |
Gold Price(₹) |
| Chennai | ₹1,22,950 |
| Jaipur | ₹1,22,170 |
| Bhopal | ₹1,22,070 |
| Lucknow | ₹1,22,170 |
| Ahmedabad | ₹1,22,070 |
Note: IBJA rates do not include GST, making charges and jewelers margin.
Will it be beneficial to buy gold now?
- If you want to buy gold from investment point of view, then this time can be considered good. Prices are likely to stabilize after the fall.
- However, experts recommend buying only certified (BIS hallmarked) gold and cross-checking its price with multiple sources.
Why are gold prices different in cities?
- Transportation Cost: Gold reaches different parts of the country through air cargo, which increases the cost.
- Local Demand and Supply: Gold consumption in South India is 40%, hence prices remain low here.
- Jewelery Association Rate: Local traders decide the rates in every state.
- Difference in purchase price: The jeweler who buys cheap stock can sell it cheap.
How expensive will gold and silver become in 2025?
- So far this year, gold has become costlier by ₹ 44,069 – on December 31, 2024, 24 carat gold was ₹ 76,162, which has now become ₹ 1,20,231.
- Silver rose by ₹61,993 from ₹86,017 to ₹1,48,010 per kg.