Gold Price: The price of gold and silver declined sharply on Thursday, i.e., November 30. As per the figures of the India Bullion and Jewellers Association (IBJA), the rates decreased by Rs. 1,375 per 10 grams of the yellow metal. What’s even more shocking is that such a decline happened in just one day, as the price on Wednesday stood at Rs. 120,628. Gold is considered a safe long-term investment in many Indian homes. The price of gold is influenced by geopolitical factors, domestic issues, and uncertainties in the global market.
Not just gold, but the price of silver also decreased by Rs. 1,033. The rate on Wednesday was Rs. 146,633, and on Thursday, it stood at Rs. 145,600. Due to the occasion of Diwali, on October 17th, gold soared at Rs. 130,874 and silver at Rs. 171,275.
After the festivities like Diwali and Dhanteras ended, the need for gold and silver may have decreased, resulting in a fall in price. In addition, profit-booking is still underway after a record-breaking gain in price. Gold and silver prices also depend upon the geopolitical tensions and global reasons, which may cause an economic crisis.
When you want to buy gold, ensure that the metal has a Bureau of Indian Standards (BIS) hallmark to identify the gold purity. The buyers can also verify the prices of metals from multiple trustworthy sources, like the India Bullion and Jewellers Association.
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