Gold-Silver Price Today: Gold and silver price fell drastically, gold fell by Rs 900, know what is the price in your city.
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Gold-Silver Price Today: As soon as Pitru Paksha starts, there is a continuous decline in the prices of gold and silver. In such a situation, if you are planning to buy gold and silver, then this is a very good opportunity for you. However, experts say that after Navratri, the price of gold and silver may increase with increase in demand. In the last eight days, in the jewelery market of Patna, the capital of Bihar, the price of silver has fallen by Rs 6700 per kg and the price of gold has fallen by Rs 900 per 10 grams. Due to this, despite Pitru Paksha, purchases in the jewelery market are better than expected. According to jewellers, people are buying jewelery due to falling prices. People fear that the prices of gold and silver may increase in the coming festive season. Because of this people are buying jewelery right now. On September 25, the price of 22 carat gold was Rs 54800 per 10 grams, which came down to Rs 53900 on October 3. Whereas on September 25, the price of silver was Rs 76,000 per kg, which reached Rs 69,300 per kg on October 3.
Gold fell due to US Fed
Federal Reserve policymakers emphasized the possibility that interest rates will remain high. Dollar prices have strengthened due to this possibility. Whereas, the prices of crude oil and gold continued to fall on Tuesday also. Which was the longest decline recorded since August 2022 in the last session. US job openings data is expected later today. Spot gold was down 0.2% at $1,824.10 an ounce, falling for the seventh consecutive session to its lowest level since March 9. US gold futures fell 0.4% to $1,840.50. As a result of the US government avoiding a partial shutdown and positive economic data, the dollar rose to a 10-month high and Treasury yields near 16-year highs.
Recovery in American manufacturing
According to a survey released on Monday, the US manufacturing sector moved closer to recovery in September due to increased production and increased employment. The survey also revealed a significant decline in factory input prices. While Fed officials are united on their claim that restrictive monetary policy will be needed for ‘some time’ to keep inflation below the 2% target, internal disagreement exists about whether there will be another rate hike this year. . The opportunity cost of storing bullion, which is valued in dollars and does not pay interest, increases as interest rates rise. According to the CME FedWatch tool, markets have pegged a 45% chance of a 25-basis-point rate increase this year, but there is also a 41% chance of some monetary policy easing in the first half of 2024. Platinum fell 0.1% to a one-year low of $876.42, while spot silver fell 0.8% to $20.90 an ounce, its lowest in six and a half months. Palladium rose 0.5% to $1,206.84.
How to identify the purity of gold
The purity of gold can be determined on the basis of carat. BIS Hallmark has been started by the government to measure the purity of gold. In this, more carat means more pure gold. Gold is divided into 24K, 22K and 18K carat. 24K gold is considered to be the purest. There is no adulteration of any kind in it. 22K gold consists of two parts metals like silver, zinc, nickel and the remaining part is gold. Most jewelery is made in 22k gold only. At the same time, 75 percent of 18K gold is gold. The remaining 25 percent is made up of other metals.
How to check purity of gold
To check the purity of gold, karat value is shown on gold jewellery, which shows its purity. 24 carat gold is completely pure. Low karat gold may contain an admixture of other metals. Also, the substitutability value of gold can be determined using the Specific Gravity Tester. This instrument measures the ratio between the weight of the gold and the weight you provide, allowing you to check the purity. In most countries, gold jewelery has a stamp that lets you check its karat and purity. Additionally, you can purchase special gold testing kits, which include various testing tools to identify non-gold. If you have doubts about the purity of gold, you can seek advice from a local gold corporation or a certified jeweler.
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