Just before the festival of Raksha Bandhan, great news has arrived from the US for gold and silver buyers. Following sudden movements in the American markets, gold and silver prices have dropped sharply in the Indian bullion market. Big Drop in Gold Rates In the global market, Comex Gold slipped from $4,643 to $4,596 per ounce. This had a direct impact on the Indian commodity exchange (MCX), where gold fell by ₹1,143 to reach ₹1,58,611 per 10 grams. Compared to its all-time high, gold has now become cheaper by nearly ₹18,000.
According to the latest rate list released by the India Bullion and Jewellers Association (IBJA), the new gold prices based on purity are: 24 Karat (Pure Gold) for ₹1,58,477 per 10 grams, 22 Karat (Jewelry Gold) for ₹1,45,165 per 10 grams, for 18 Karat: ₹1,18,858 per 10 grams, 14 Karat for ₹92,709 per 10 grams
Silver Prices Slide as Well Along with gold, silver has also seen a price correction. Following the market drop, the price of 1 kg of silver has now decreased to ₹2,40,168. This drop offers a fantastic buying opportunity for people looking to purchase jewelry and gifts for Raksha Bandhan. According to market experts, the decline is driven by profit booking and a stronger US dollar in the international market.
