In the precious metals market in India today, on February 16, the price of silver fell for the third consecutive trading day. According to India Bullion and Jewelers Association (IBJA), the price of one kg silver has fallen by Rs 1,486 to Rs 2,40,947 per kg. Earlier on Friday, the price of silver was Rs 2,42,433 per kg.
According to experts, the main reasons for the falling price of silver are fluctuations in international metal prices and lack of domestic demand. Investors have been cautious during this decline and have delayed purchases on a large scale, due to which the price of silver remains under constant pressure in the market.
On the other hand, gold prices have increased today. The price of 10 grams of 24 carat gold increased by Rs 1,333 to reach Rs 1,54,098. Earlier on Friday, the price of gold was Rs 1,52,765 per 10 grams. The main reasons behind this increase are considered to be the weakness of the rupee against the dollar and the rise in global gold prices.
A lot of fluctuations have been seen in the prices of both the metals in the last three trading days. During this period, silver became cheaper by a total of Rs 25,502, while an increase of Rs 3,224 was recorded in gold. Analysts say that gold is considered a safe option for investors, so when silver prices fall and there is uncertainty in the market, investors increase interest in gold.
The effect of the international market can be clearly seen in the prices of silver and gold. Precious metals prices fluctuate based on economic indicators and inflation reports in the US and Europe. The same effect is seen in the Indian market also, because foreign investment and import prices have a direct impact on domestic prices.
Both customers and investors are keeping an eye on the metal market at this time. Jewelers say that there is a possibility of further fluctuations in the price of silver in the coming days, hence purchasing should be done thoughtfully. At the same time, the increase in gold prices has brought relief news for common investors and jewelery buyers.
Overall, the continuous fall of silver and rise of gold in today’s trading day has started a discussion among investors and consumers about the direction of the market. Experts advise that before investing it is important to keep an eye on international and domestic market trends.
