From the commodity market to the bullion market, a huge fall has been seen in the prices of gold and silver. The prices of gold and silver 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 price 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 prices of December futures were trading at record high. Gold reached ₹1.32 lakh per 10 grams, while silver reached ₹1.70 lakh per kg. However, since then the prices of these metals have seen a record-breaking decline. The price of 10 grams of gold on MCX is now ₹1,23,255 and the price of 1 kg of silver is ₹1,47,150. After this huge fall, people are wondering whether the prices of gold and silver will fall further.
How much will the prices of gold and silver fall? Before answering this question, it is important to understand why gold and silver prices are falling. According to a Reuters report, experts say that after gold and silver reached record levels, a period of profit booking has started, due to which investors are booking profits in gold and silver. Additionally, tensions over the US-China trade war have eased and global geopolitical tensions are also decreasing. 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 future or emergency needs, so that they can use it when financial need arises. Other assets may also have a risk of long-term loss, but experts believe that gold and silver are safe long-term investment options.
Gold and silver have currently declined due to profit booking. Experts recommend waiting for a few weeks before investing. Navneet Damani, commodity researcher at Motilal Oswal Financial Limited, said prices could fall further by 5 to 6 percent. That means it may fall to ₹ 6,000 to ₹ 7,000. Some experts also say that if you are a retail investor and are buying gold and silver for a long term, then you can invest in gold and silver anytime.