Gold Prices Ease on Nag Panchami as Silver Also Slips
Gold and silver prices have declined on August 17 after experiencing a significant surge last week. The marginal decrease comes during Nag Panchami, when demand for precious metals typically increases. In Delhi, 24-carat gold is priced at ₹1,55,270 per 10 grams, while 22-carat gold is trading at ₹1,42,340 per 10 grams. Silver is available at ₹2,49,900 per kilogram.
According to Motilal Oswal Financial Services (MOFSL), gold prices may see a 6-8% correction in the near term but are expected to rise to around US$5,500 per ounce over the next 12-15 months. The firm advises investors to avoid lump sum investments and instead opt for systematic investing with a long-term investment horizon.
The prices of gold have fallen by ₹10 per 10 grams in major cities such as Delhi, Mumbai, Jaipur, Chennai, Bhopal, Kolkata, Lucknow, Hyderabad, Ahmedabad, and Chandigarh compared to August 16. The decline is relatively minor, offering some relief to buyers.