Gold Price Drops in Bullion Market
On Monday, the price of 10 grams of gold fell by Rs 388 in the bullion market, trading at Rs 61,108.
While the rate still remains above Rs 61,000, there was a softness in 22-carat gold which is commonly used in jewelry. 22-carat gold is trading at Rs 55,974, down by Rs 356.
Additionally, the price of silver is trading at Rs 76,231 with a fall of Rs 1,049.
Gold Prices Witness a Decline
Gold prices have witnessed a decline since last Friday, with the current trading price at Rs 61,108, down by Rs 388.
The softness in 22 carat gold, which is used for making most jewelry, has resulted in a decrease of Rs 356, and it is currently trading at Rs 55,974.
Gold and Silver Rates on IBJA
The rates of gold and silver on the IBJA website show a comparison of today’s rate with Friday’s closing price last week.
The table provides the rate of gold ranging from 24-carat 10 grams to 14-carat gold and the rate of one kilogram of silver.
Here is the price of 10 grams of gold and 1 kg of silver in the bullion market:
| metal | Rate of 8th May (Rs./10 grams) | Rate of May 5 (Rs./10 grams) | Change in rate (Rs/10g) |
|---|---|---|---|
| Gold 999 (24 Carat) | 61108 | 61496 | -388 |
| Gold 995 (23 Carat) | 60864 | 61250 | -386 |
| Gold 916 (22 Carat) | 55974 | 56330 | -356 |
| Gold 750 (18 Carat) | 45831 | 46122 | -291 |
| Gold 585 (14 Carat) | 35748 | 35975 | -227 |
| Silver 999 | 76231 Rs/Kg | Rs. 77280/Kg | Rs.1,049/Kg |
Expected Rise in Gold Prices
According to experts, the price of gold may cross the Rs 64,000 mark this year.
Ajay Kedia, director of Kedia Advisory, predicts that the price of gold may remain high in 2023 and could reach up to Rs 64,000.
However, it remains to be seen how long it will take to reach this level.
