In the last 13 days, gold has become cheaper by Rs 10,246 and silver by Rs 25,675. According to the India Bullion and Jewellers Association, 24-carat gold has now reached Rs 1,19,253 per 10 grams. The decline in the prices of precious metals is due to decreased demand after festivals, profit-booking, and easing global tensions.
Gold and Silver Price: Gold and silver prices in the country have seen a significant drop in recent days. According to data from the India Bullion and Jewellers Association (IBJA), on November 30, gold fell by Rs 1,375 to reach Rs 1,19,253 per 10 grams, while silver decreased by Rs 1,033 to Rs 1,45,600 per kilogram. In the last 13 days, gold has become cheaper by Rs 10,246 and silver by Rs 25,675. According to experts, this decline is being observed due to reduced demand after festivals, increased profit-booking, and stabilization in the international market.
Price Drop in 13 Days
According to data from the India Bullion and Jewellers Association (IBJA), as of October 30, the price of 10 grams of gold was Rs 1,20,628. However, 13 days later, on November 13, it had dropped to Rs 1,19,253. This means that in just a few days, gold prices saw a significant drop of approximately Rs 1,375, totaling Rs 10,246.
As for silver, its price also fell from Rs 1,46,633 per kilogram to Rs 1,45,600. Thus, silver became cheaper by Rs 1,033 in just one day. Meanwhile, since the beginning of this month, silver has recorded a decline of approximately Rs 25,675.
Decreased Demand After Festivals
According to experts, after major festivals like Dhanteras and Diwali, the demand for gold and silver in the market has now declined. People consider buying gold and silver auspicious during these festivals, which is why prices had reached record levels at that time. However, as soon as the festivals ended, the pace of buying in the market slowed down.
The decrease in demand has directly impacted prices. Now, many investors and traders are in a profit-booking mode. This means those who bought at higher prices are now selling to realize profits.
Decline Also Due to Technical Reasons
Market experts state that this fall in gold prices is not only due to declining demand but also due to technical reasons. Indicators like the Relative Strength Index (RSI) suggest that gold and silver had entered an overbought zone. This implies that prices had risen very sharply, and a correction is now natural.
Traders and dealers have, for this reason, started selling. This is also a major reason why gold prices are now coming down.
Impact Also Seen from Global Market
Globally, too, the situation has somewhat calmed down. Geopolitical tensions are not as high as before. Gold typically shines when there is an atmosphere of uncertainty or crisis in the world. When conditions are stable, investors move their money out of gold and into stocks or other assets. This is why the demand for gold in the international market has also slightly decreased at this time.
How Much Gold Has Risen So Far This Year
Even though gold has become cheaper in the last two weeks, if we look at the entire year, it is still at a high level. On December 31, 2024, the price of 10 grams of 24-carat gold was Rs 76,162, which has now increased to Rs 1,19,253. This means that gold has seen an increase of approximately Rs 43,091 so far this year.
Similarly, the price of silver has also increased by Rs 59,583 so far this year. Silver, which was available at Rs 86,017 per kilogram at the end of last year, is now Rs 1,45,600 per kilogram.
