Gold Price Today: Gold and silver prices have seen a sharp decline over the past few days. As the market returns to normal after the festive season, precious metal prices have softened. Gold, which was at record levels just a few weeks ago, has now become cheaper for investors.
Gold prices fall by ₹8,000, and silver also becomes cheaper
According to the latest data from the Indian Bullion Jewelers Association (IBJA), the price of 24-carat gold, which was ₹1,30,874 per 10 grams on October 17, fell to ₹1,22,419 by October 24. This means that in just eight days, gold has become cheaper by ₹8,455 per 10 grams.
This decline comes at a time when the wedding season is about to begin. This drop in gold prices is a relief for both consumers and investors.
Silver also showed weakness
Silver also saw a sharp decline. On October 14th, silver was selling at ₹1,78,100 per kilogram, while on October 24th, it fell to ₹1,47,033 per kilogram. This means that in 11 days, silver has become cheaper by approximately ₹28,000.
Why are gold prices falling?
This decline in gold prices is due to several reasons. The main reason is believed to be the strengthening of the US dollar. Gold prices typically fall when the dollar strengthens, as investors in the international market consider the dollar a safer asset.
In addition, demand for physical gold has declined after Diwali. Investors are now booking profits, which is putting pressure on gold prices. Additionally, the global market is awaiting new US inflation data and upcoming Federal Reserve policies. This uncertainty has driven prices down further.
Will gold prices rise again? What experts say
Even though prices have fallen now, major financial institutions and market experts believe that gold could reach new heights in the long term.
Morgan Stanley estimates that gold could reach $4,400 per ounce in the coming years due to increased demand from central banks. Meanwhile, according to a JP Morgan report, gold could reach ₹1,70,000 per 10 grams (approximately $5,055 per ounce) by the end of 2026.
Some experts believe that if monetary policies continue to remain relaxed, gold could reach ₹2,40,000 per 10 grams, or approximately $8,000 per ounce, by 2028.
Indications for investors
Despite the current decline, experts say that gold remains a safe investment option for the long term. However, fluctuations will depend on market conditions, international policies, and currency exchange rates.
(Note: This is not investment advice. Gold prices vary depending on many factors. Please seek expert advice before investing.)