Today, on May 11, a fall in the prices of gold and silver was seen. According to the India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24-carat gold fell by ₹801 to ₹150,277. At the same time, the price of 1 kg silver has fallen by ₹ 300 to ₹ 255,300.
PM Modi said: Do not buy gold for one year
On Sunday, Prime Minister Narendra Modi said that we should avoid buying gold jewelery on any family functions or occasions in the coming year. The reason for this is that doing so will help in saving foreign exchange reserves. In fact, we have to use US dollars to import gold from other countries; As a result, the cost of these imports also increases as the value of the dollar increases.
Keep these 2 things in mind while buying gold from jewelers
1. Buy only certified gold: Always buy certified gold which is hallmarked by the Bureau of Indian Standards (BIS). This hallmark number is alphanumeric and may appear in a format such as AZ4524. Hallmarking works to certify the purity (carat) of gold.
2. Cross-check the price: When buying gold, verify its exact weight and the current market price of that day by cross-checking it with multiple sources (like the website of India Bullion and Jewelers Association). Gold prices vary depending on karat—especially for 24-karat, 22-karat, and 18-karat gold.
4 ways to identify real silver
Magnet Test: Real silver does not stick to a magnet. If it sticks to the magnet, it is fake.
Ice Test: Place a piece of ice over the silver. Ice melts very quickly on real silver.
Smell Test: Real silver has no smell. Fake silver often smells metallic, like copper.
Cloth Test: Rub the silver on a white cloth. If there is any black stain or mark on the cloth, then it is genuine.
