Copyright informalnewz
The prices of gold and silver have been steadily declining for some time now. These precious metals have fallen by 11% in just five days. Silver has fallen by Rs 23,000 from its record high, but is there still more downside left? Gold Silver Rate: From the commodity market to the bullion market, gold and silver prices have seen a significant decline. Gold and silver prices are falling daily. On Friday alone, the price of 24-carat gold fell by nearly ₹2,000 to ₹1,21,518 per 10 grams. Silver prices fell by more than ₹4,000 to ₹1.47 lakh per kg. Gold has fallen by more than ₹9,000 from its record high, while silver prices have fallen by nearly ₹23,000. According to MCX, on October 17, gold and silver rates for December futures were trading at record highs. Gold had reached ₹1.32 lakh per 10 grams, while silver was at ₹1.70 lakh per kg. However, since then, the prices of these metals have experienced record-breaking declines. On MCX, the price of 10 grams of gold is now ₹123,255, and 1 kg of silver is ₹147,150. Following this significant decline, people are wondering whether gold and silver prices will continue to fall. Why is the price of gold falling? How much will the price of gold and silver fall next? Before answering this question, it’s important to understand why gold and silver prices are falling. According to a Reuters report, experts say that after gold and silver reached record highs, a wave of profit-booking has begun, causing investors to take profits from gold and silver. Furthermore, tensions over the US-China trade war have eased. Global geopolitical tensions are also easing. Another reason is the decline in demand in India after Dhanteras and Diwali. Will gold and silver continue to fall like this? Gold and silver have long been considered safe investments. People buy gold and silver for their future or for emergencies, so that they can be used in case of financial need. Other assets may also carry the risk of long-term losses, but experts believe that gold and silver offer long-term safe havens. Gold and silver have currently fallen due to profit-booking. Therefore, experts recommend waiting a few weeks before investing. Speaking to Business Today, Navneet Damani, commodity researcher at Motilal Oswal Financial Limited, said that it could decline further by 5 to 6 percent. This means it could fall by ₹6,000 to ₹7,000. Some experts also say that if you are a retail investor and are buying gold and silver for the long term, you can invest in gold and silver at any time. Read More: Monday Bank Holiday: Banks will remain closed on Monday, know why RBI has declared a holiday on October 27.
