Gold, silver become cheaper after rally, is this a good buying opportunity? Gold and silver prices fall after record high

The price of gold has been falling since two days. The US Fed and most European central banks have decided to hike interest rates.

New Delhi : Union Finance Minister Nirmala Sitharaman presented the country’s budget on 1 February (Budget 2023) Presented. After this gold prices went up. Gold is now down after touching high. in the futures market (Multi Commodity Exchange) Gold has fallen. Gold touched an all-time high of Rs 58,800. It has now fallen by Rs 2,300. , (Today’s rate of gold) In the last two days, the price of gold has come down by 3.23 per cent.

Why is the price falling?

Looking at the rising price of gold, it was expected that the price of gold would touch Rs 62,000 per 10 grams in the coming months. But the price of gold is falling since two days. The US Fed and most European central banks have decided to hike interest rates. The US dollar has also recovered from its 10-month low. Due to this, the price of gold has also declined in the international market. This has affected the Indian market. Gold prices declined in the international market. The price was $1,930 an ounce.

silver fades

Silver had made the customers silver. There was a big decline in silver for the last few days. On February 3, the rate of silver was Rs 73800 per kg. According to the Gold Returns website, it fell by Rs 2,600 to Rs 71,200.00 on February 4. On the second day of the announcement of the budget, the price of silver reached Rs 74,700.

Who decides the purity of gold?

Hallmark is given by the Indian Standards Organization (ISO) to identify the purity of gold. 999 is marked on 24K gold jewellery, 958 on 23K, 916 on 22K, 875 on 21K and 750 on 18K.

There is a strong demand for 22 carat and 24 carat gold from consumers in many places. Both these types of gold are sold in huge quantities. Some people use 18 carat gold. The higher the carat, the purer the gold. The prices are fixed accordingly.

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24 carat gold is 99.9% pure. 22 carat gold is about 91 percent pure. 22K gold contains 9% other metals. Jewelery is made using copper, silver and zinc. 24 carat gold is strong. But it is not used for making jewellery. So many bullion traders sell 22 carat gold.

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