Gold and Silver buyers rejoice! prices plummet in just a week, grab the opportunity!

New Delhi (The Uttam Hindu): Gold and silver prices have seen a significant drop this week, falling by nearly ₹8,300. According to the India Bullion and Jewelers Association (IBJA), 10 grams of 24-carat gold is now priced at ₹123,146, compared to ₹124,794 on the same day a week ago, representing a ₹1,648 drop in gold prices.

The price of 22-carat gold has dropped to ₹112,802 per 10 grams, down from ₹114,311 previously. Meanwhile, the price of 18-carat gold has dropped to ₹92,360 per 10 grams, down from ₹93,596 per 10 grams.

At the same time, during the review period, the price of silver has decreased by Rs 8,238 to Rs 1,51,129 per kg, which was earlier Rs 1,59,367 per kg.

Decreased global tensions are one reason for the decline in gold and silver prices. Meanwhile, the US government's decision to reduce tariffs on select commodities has also increased pressure on gold and silver.

Additionally, low chances of interest rate cut in the US in December have also increased pressure on gold.

Experts said that due to the rupee's weak performance against the dollar, gold prices in the domestic market have fallen less than in the global market. Stronger-than-expected non-farm payroll data in the US has reduced the likelihood of an interest rate cut. Consequently, mixed signals could put pressure on gold. Gold may remain in the range of ₹1.20 lakh to ₹1.24 lakh per 10 grams.

In the international market, gold and silver prices also declined on Comex. Gold prices fell to $4,080 per ounce and silver prices fell to around $50 per ounce.