Gold fell by ₹1,029 to ₹75,629: Impact of interest rate cut in America; Silver became cheaper by ₹2,214,
New Delhi
There is a big fall in the price of gold and silver today i.e. on 19 December due to the cut in interest by the Federal Reserve. According to the India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24 carat gold has fallen by ₹1,029 to ₹75,629. Earlier, the price of gold was ₹76,658 per ten grams.
The price of silver has also come down by ₹2,214 to ₹86,846 today. Yesterday silver was ₹89,060 per kg. On the other hand, on October 23, silver made an all-time high of ₹99,151 and on October 30, gold made an all-time high of ₹79,681.
Pressure on gold due to rate cut
According to currency head Anuj Gupta, the US Central Bank Federal Reserve has cut interest rates by 25 basis points (0.25%). Due to this cut, pressure is being seen on gold and silver. Due to this, their prices are falling today.
However, gold and silver may see a rise again in the coming days. In the next one year, the price of gold can go up to Rs 82 thousand per 10 grams. At the same time, silver can also reach Rs 95 thousand per kg.
Keep these 3 things in mind while buying gold
- Buy certified gold
Always buy certified gold with the hallmark of Bureau of Indian Standards (BIS). There is a 6-digit hallmark code on gold. It is called Hallmark Unique Identification Number i.e. HUID. This number is alphanumeric i.e. something like this – AZ4524. Through hallmarking, it is possible to find out how many carats a gold is.
- Cross check the price
Cross check the correct weight of gold and its price on the day of purchase from many sources (like the website of India Bullion and Jewelers Association). The price of gold varies according to 24 carat, 22 carat and 18 carat. 24 carat gold is considered the purest gold, but jewellery is not made from it because it is very soft.
- Do not make cash payment, take bill
While buying gold, it is better to make payment through UPI (like Bhim App) and digital banking instead of cash payment. If you want, you can also make payment through debit or credit card. After this, do not forget to take the bill. If you have ordered online, then definitely check the packaging.
