Gold and Silver Crash: Silver Prices Fall by Rs 18,000 in a Single Day, Gold Price Falls by Rs 4,923

Today, March 4, the price of gold and silver is falling. According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold fell by Rs 4,923 to Rs 1.62 lakh. On Monday, it was priced at Rs 1.67 lakh per 10 grams. On the other hand, silver fell by Rs 18,501 to Rs 2.71 lakh per kg. On Monday, it was priced at Rs 2.89 lakh per kg. The decline in gold and silver prices is due to profit booking. The market was closed on Tuesday due to the Holi festival. 4 Reasons Why Gold Prices Are Different in Different Cities Transportation and Safety: Transporting gold from one city to another involves fuel and heavy security costs. Increased distance from import centres increases the cost of transportation, leading to higher domestic prices. Quantity of purchase: Jewellers buy gold in large quantities due to high consumption (about 40%) in areas like South India. Consumers get the benefit of discounts on bulk purchases in the form of lower prices. Local Jewellery Association: Every state and city has its own jewellery association (such as the Madras Jewellers Association in Tamil Nadu). These associations decide the price of gold for their region based on local demand and supply. Old stock and purchase price: The price at which jewellers have bought their stock is also important. Jewellers who have stock bought at old and cheap prices can charge a lower price from customers. According to Jatin Trivedi, VP Research Analyst, LKP Securities, "The coming week is very important in terms of US economic data. Manufacturing and unemployment figures are due to come, which will give an estimate of the Federal Reserve's policy. Technically, as long as gold is above Rs 1,64,000, it will remain strong. On the other hand, Ponmudi R, CEO of Enrich Money, said, "Gold is currently in the consolidation phase, but its trend is positive. If silver stays between Rs 2.50 lakh and Rs 2.70 lakh, it could go back to Rs 3.20 lakh to Rs 3.30 lakh," he said. Gold and silver prices may rise again. US data: If the US economic data is better than expected, the dollar will strengthen and that could increase the pressure on gold prices. Here are 2 things to keep in mind when buying gold from jewellers. Buy only certified gold: Always buy certified gold that is hallmarked by the Bureau of Indian Standards (BIS). This number can be alphanumeric i.e. AZ4524. Hallmarking shows how many carats of gold it is. 2. Cross check the price: Cross-check the actual weight of gold and its price on the day of purchase from several sources (such as the website of the India Bullion and Jewellers Association). The price of gold varies according to 24 carat, 22 carat and 18 carat. 4 Ways to Identify Genuine Silver Magnet Test: Genuine silver does not stick to a magnet. If it sticks, it's fake. Ice Test: Put ice on silver. The snow will melt very quickly on real silver. Smell Test: Genuine silver has no smell. Counterfeit can smell like copper. Cloth Test: Rub the silver with a white cloth. If there is a black mark, it is genuine.