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Business: The shine of gold and silver, which were continuously maintaining record highs, has started fading. Last week, gold prices witnessed the biggest fall in the global market since September 2011. It has declined from $ 4,400 per ounce to $ 4,036 per ounce during this period.
In the national capital Delhi, gold per ten grams has now come to Rs 1.23 lakh. It was Rs 1,34,800 on October 17. That means there has been a decrease of about Rs 12,000. Silver has also come down from Rs 1.84 lakh per kg to Rs 1.72 lakh. This has also decreased by Rs 12,000. Gold futures in New York closed at a record $ 4,374 an ounce on Monday.
It fell more than $250 (or 5.74%) on Tuesday. This is the biggest single-day decline in percentage terms since September 2011. Gold sales often increase rapidly amid economic uncertainty. Most investors are turning to gold amid President Donald Trump’s barrage of tariffs imposed on imports from around the world, rising concerns about inflation and the US government shutdown that has been going on for weeks now.
Even before that, tensions between countries and strong demand from central banks had boosted gold’s gains in recent years. According to analysts, precious metals may become unstable. Therefore, daily fluctuations in the price of gold are not unusual. This week’s decline was driven by expectations of easing trade tensions between the US and China. Some predict that gold prices may fall further. Bureau
Silver: 7% broken
Silver futures prices in New York fell by more than 7 percent on Tuesday. It was trading at $47.60 an ounce, down from last week’s record of $53.44. Amid the recent decline in both the precious metals, gold prices have increased by more than Rs 50,000 per ten grams this year. Silver has become costlier by Rs 94,000 per kg.
safe haven for investment
Supporters of investing in gold call it a safe haven. They argue that it can help diversify and balance an investment portfolio. As a hedge against rising inflation, it can reduce potential risks in the future. Still, experts advise not to invest all your money in gold and silver.
