Gold Prices Plummet by ₹4,694, Silver Sees Price Hike Amid Market Fluctuations
Gold and silver prices in India have seen a decline this week, according to the India Bullion and Jewellers Association (IBJA). The price of 10 grams of 24-carat gold has dropped by ₹4,694 to ₹1.55 lakh. This is a decrease from last week's price of ₹1.60 lakh on August 28. Meanwhile, silver has seen an increase in its price, reaching ₹2.35 lakh per kg after decreasing from ₹2.44 lakh per kg.
The fluctuations in gold and silver prices are due to various factors such as transportation costs, purchase volume, local jewelry associations' rates, and the jeweler's purchase rate. These factors can vary depending on the city and location of the sale. This year alone, gold has become costlier by ₹22 thousand.
For those looking to buy gold from jewelers, it is essential to keep in mind that buying certified gold with a Bureau of Indian Standards (BIS) hallmark is crucial. The hallmark number can be alphanumeric and indicates the karat purity of the gold. It's also important to cross-check the exact weight of the gold and its price on the day of purchase from multiple sources.