Correspondent, 25 October: Gold and silver prices have been experiencing a continuous downward trend over the past few days. Compared to its peak in August, gold has seen a massive plunge of 23,000 rupees per 10 grams, while silver has also experienced a significant decline. This substantial drop has left ordinary citizens contemplating whether they should purchase gold or get jewelry made.
During the month of August, the price of gold stood at 1,64,773 rupees per 10 grams. Since then, the precious metal has witnessed a sharp reduction of 23,000 rupees.
Similarly, silver had touched an all-time high of 2,48,800 rupees per kilogram in August. On Friday, the white metal's price dropped by another 6,800 rupees, bringing it down to 1,92,800 rupees per kilogram. Based on these statistics, silver has become cheaper by a staggering 56,000 rupees per kilogram when compared to its August peak.
Several global factors are contributing to this persistent decline. Instability has gripped the precious metals market due to the likelihood of interest rate hikes in America, expensive crude oil, and international tensions.
In light of these global developments, investors are currently searching for secure alternatives, which has consequently put pressure on the prices of gold and silver. Although the reduced rates offer a potential investment opportunity, it is advised that any investment in gold should be made very thoughtfully, keeping the ongoing volatility of the global market in mind.
