Gold price update: What happened to gold and silver this week, find out how much the price is left
Rate of Gold and Silver fell this week. On Friday, the last trading day of the week, gold and silver prices continued to decline in the Delhi bullion market. On Friday, gold fell by Rs 102 to Rs 48,594 per 10 grams. Silver also declined marginally by Rs 16 to close at Rs 62,734 per kg. In the bullion markets, gold prices fell by Rs 270 per 10 grams between December 7 and 11. During the period, silver declined by Rs 832 per kg.
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Gold price update: What happened to gold and silver this week, find out how much the price is left...
As far as futures prices are concerned, gold for February delivery rose by Rs 213 to close at Rs 49,290 on Friday. It closed at Rs 49,077 on Thursday and opened at Rs 49,150 on Friday. Similarly, gold for April delivery rose by Rs 177 to close at Rs 49,330. Silver for delivery in March also rose by Rs 70 to close at Rs 63,600 per kg.
Bullion prices fall
At the Delhi Bullion Market, gold fell by Rs 102 to Rs 48,594 per 10 grams on Friday. HDFC Securities provided this information. Gold had closed at Rs 48,696 per 10 grams in the previous session. Silver also declined marginally by Rs 16 to Rs 62,734 per kg. The previous closing price was Rs 62,750 per kg. In the international market, both gold and silver were running almost unchanged at 1, 1,836 an ounce and 23 23.92 an ounce, respectively.
How much the price has fallen since August
On August 7, gold on MCX had reached Rs 56,254 per 10 grams. On that day, silver had also reached Rs 76,008 per kg. But since then they have declined significantly. Gold closed at 49,290 per 10 grams on Friday. Thus, it has dropped by Rs 6964 from the record level. Similarly, the price of silver has also declined by Rs 12,408. Silver closed at Rs 63,600 per kg on Friday.
In November, people shopped frantically
The average sales volume of gold and silver jewelery increased by 16 per cent in November compared to October, despite the price of gold reaching record levels. This information was given in a report. According to data gathered by startup OK Credit, the average sales per customer increased by 16 per cent in terms of funds, but the average per capita sales size of gold jewelery decreased by 70 per cent compared to the festive season last year. The report said that as gold prices remained high, the average per-customer sales size of gold jewelery declined, with people focusing on buying smaller and lighter jewelery.
Why is gold declining?
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Gold glitter has always increased in the hour of trouble!
Gold has always shone brightly in times of trouble. There were many wars in 1979 and gold jumped about 120 per cent that year. Even as recently as 2014, the US threat on Syria was looming, but gold prices were skyrocketing. However, later it came to its old level. The price of gold also rose when US tensions with Iran escalated or when a Sino-US trade war ensued.
