Surat: The Indian market witnessed sharp decline in gold and silver, stock market and rupee. The prices of gold and silver, which were at an all-time high just one and a half months ago, have fallen to such an extent that many investors and jewelers in Surat started placing orders to buy gold and silver.
Gold has declined by Rs. 63,000 per 10 grams from its highest level, while silver has fallen by more than Rs. 1.25 lakh per kg from its highest level. However many investors in Surat seem to be impatient to buy. However, experts say that due to the war situation in West Asia, it cannot be said that the prices of gold and silver have touched the bottom, there is a possibility of further decline.
Gold prices fell by about 3% to $4,462 per ounce on the Commodity Exchange Comex on Tuesday. Last week, gold fell by about 11%, which is considered its biggest weekly decline since 1983. On the other hand, silver prices also fell by about 3% to $67.5 per ounce during Asian trading. The weekly decline in gold prices is the biggest in the last 40 years.
According to experts, gold hit an all-time high a month and a half ago. On January 29, the price of gold reached a record of Rs 1,93,000 per tola. But its price has started falling from the very next day. Gold on MCX is also trading below Rs 1.30 lakh today. That is, if the all-time high and today’s low are compared, gold has become cheaper by more than Rs 63,000 in the last 53 days.
A continuous decline in silver prices has been seen since this morning. During this, the price of 1 kg of silver on MCX has reached below Rs 2 lakh. The price of 1 kg of silver on MCX had fallen to Rs 1,99,643, after which there was a slight improvement and at 3.29 pm, the price of 1 kg of silver is trading around Rs 2,05,180. In which a big decline of 9 percent or more than Rs 21 thousand per kg has been recorded.
As the prices of both gold and silver fell today, many investors in Surat had placed orders for fresh purchases. Some had placed orders as far away as Ahmedabad, Mumbai and Delhi. Amidst such a situation, experts are saying that it is a mistake to believe that the prices of gold and silver have bottomed out. The current situation is so critical that further erosion can occur at any time and prices can be found even cheaper.
