This week, the price of silver and gold dropped. The Delhi bullion market saw a further decrease in gold and silver prices on Friday, the last trading day of the week. Gold dropped by Rs 102 on Friday, reaching Rs 48,594 for 10 grams. Additionally, silver saw a slight decrease of Rs 16 to settle at Rs 62,734 per kilogram. Between December 7 and December 11, the price of 10 grams of gold dropped by Rs 270 on the bullion markets. Silver decreased by Rs 832 per kilogram over the time. Gold price
latest rate of gold and silver
Updated gold prices: See what happened to gold and silver this week and how much is left in the price.
In terms of futures pricing, the closing price of gold for February delivery on Friday was Rs 49,290, up Rs 213. On Thursday, it finished at Rs 49,077, and on Friday, it opened at Rs 49,150. In a same vein, gold for April delivery closed at Rs 49,330, up Rs 177. The price of silver for delivery in March increased by further Rs 70, closing at Rs 63,600 kg.
Falling prices for gold
Gold dropped by Rs 102 to Rs 48,594 per 10 kilos at the Delhi Bullion Market on Friday. This information was supplied by HDFC Securities. In the previous session, the price of 10 grams of gold had finished at Rs 48,696.
Additionally, silver saw a slight decrease of Rs 16 to Rs 62,734 per kilogram. The price per kg at the previous closing was Rs 62,750. Both gold and silver were trading nearly constant at 1,836 and 23,92 an ounce, respectively, on the global market.
The amount that has been discounted since August
The price of 10 grams of gold on the MCX was Rs 56,254 on August 7. Silver had also hit Rs 76,008 per kilogram on that day. However, they have drastically decreased since then. On Friday, the price of gold was 49,290 per 10 grams. As a result, it has decreased from the record high by Rs 6964. In a similar vein, silver’s price has dropped by Rs 12,408. On Friday, the price of silver was Rs 63,600 per kg.
November saw a frenzy of shopping.
Even though the price of gold hit record highs, the average volume of sales of gold and silver jewelry rose by 16% in November over October. This data was provided in a report. Startup OK Credit collected data that showed that while average sales per customer climbed by 16 percent in terms of finances, average per capita sales size of gold jewelry fell by 70 percent from the previous year’s holiday season. According to the survey, consumers tended to purchase lighter and smaller pieces of jewelry when gold prices stayed high, resulting in a reduction in the average sales size of gold jewelry per customer.
Why is gold declining?
Positive developments about the Covid-19 vaccine front have caused gold prices to decline. According to experts, investors are shifting from gold to the stock market as a result of the strengthening global economy and the lessening of tensions between the US and China. Because of this, a significant increase in gold prices is unlikely in the foreseeable future. Gold is still regarded as a wise long-term investment choice, though.
Gold glitter has always increased in the hour of trouble!
Gold has always gleamed like a diamond, even in hard times. Numerous conflicts and a nearly 100% spike in the price of gold occurred in 1979. In 2014, the US threat in Syria remained a major concern, although gold prices were rising. However, subsequently, it reverted to its initial state. Gold prices went up when US-China trade tensions or hostilities with Iran escalated.