Current Gold and Silver Prices: A Notable Decline
Latest Gold and Silver Prices
Gold Price Today: The latest prices for gold and silver have been released, indicating a continuing decline in the market. Gold has decreased by ₹172 per 10 grams compared to yesterday's closing price. Meanwhile, silver has reached ₹113,590 per kilogram, also experiencing a drop. On Monday evening, the price of silver was ₹115,850 per kilogram.
Current Gold Rates
According to the rates published today by the IBJA, the price of 24-carat gold stands at ₹98,274 per 10 grams, down from ₹98,446 per 10 grams reported on Monday evening.
Gold Prices Surpass ₹1 Lakh on July 23
Previously, on July 23, the price of gold had crossed ₹100,000 per 10 grams, while silver was priced at ₹115,850. Since then, silver has dropped by ₹2,260 per kilogram, and gold has decreased by ₹2,259.
Reasons Behind Fluctuating Gold Prices
The recent decline in gold prices has provided relief to buyers. Previously, gold prices had been rising rapidly, attributed to global instability. Additionally, central banks worldwide have been consistently purchasing gold, contributing to the soaring prices.
Understanding IBJA's Pricing System
It is important to note that the spot prices for gold and silver are issued by the India Bullion and Jewellers Association (IBJA). Prices may vary by ₹1,000 to ₹2,000 depending on your location. The IBJA updates rates twice daily, once around noon and again at approximately 5 PM.