There was a huge fall in the prices of gold and silver on Tuesday. Silver prices fell by over ₹4,300 to trade at ₹272,337 per kg, while gold prices also declined by nearly ₹900 to trade at ₹158,186 per 10 grams. As soon as the local commodity market opened on Tuesday, the fall in the prices of gold and silver became clearly visible. Today is also Ganga Dussehra, which is considered very auspicious by the followers of Hindu religion. Taking a holy dip in the river Ganga and donating on this day has special significance. Many people also donate precious metals on the occasion of Ganga Dussehra. For rich families who follow this tradition, the fall in gold and silver prices on Tuesday may prove to be a profitable opportunity. However, those who are thinking of investing in gold or silver should take advice from market experts.
**Rise in gold and silver prices on Monday**
Just a day earlier, on Monday, gold and silver prices had seen a surge, with both the metals rising by around ₹5,100. According to data released by India Bullion and Jewelers Association (IBJA), the price of 24-carat gold rose by ₹740 to ₹158,857 per 10 gram, from ₹158,117 per 10 gram earlier; While the price of 18-carat gold increased from ₹118,588 per 10 grams to ₹119,143 per 10 grams. It is noteworthy that there was a bigger jump in the price of silver as compared to gold. Its price increased by ₹5,100 to ₹271,100 per kg, from ₹266,000 per kg earlier.
Why did gold and silver prices fall today?
On Monday, crude oil prices showed positive signs due to US President Trump’s statements – amid hopes of peace talks between Iran and the US – and America’s aggressive stance. Brent crude rose 1 percent to $98 per barrel. Meanwhile, due to the strong dollar index, investors are investing in dollar-based commodities, which offer higher returns; As a result, gold and silver prices are currently seeing a decline. According to Kedia Advisory, gold is finding support near ₹157,000, while it is facing resistance around ₹160,000. If prices rise, gold rates may rise to the level of ₹163,000.
