Silver becomes cheaper by ₹32,000 in 2 days:Prices fall to ₹2.58 lakh per kg; Iran war to drive gold silver prices, say experts

Gold and silver prices have fallen for the second consecutive day on March 5. According to the India Bullion and Jewelers Association (IBJA), 10 grams of 24 carat gold has decreased by ₹3,000 reach ₹1.60 lakh. Previously, its price was ₹1.63 lakh per 10 grams. Gold has become cheaper by ₹7,000 in 2 days. Meanwhile, one kilogram of silver has fallen by ₹13,000 to reach ₹2.58 lakh. Previously, its price was ₹2.71 lakh per kilogram. It has become cheaper by ₹32,000 in two days. This decline in gold and silver prices has come due to profit booking. Gold prices up by ₹26,000 and Silver by ₹27,000 this year
Gold and silver prices have seen a surge this year. At the end of last year, gold was at Rs 1.33 lakh per 10 grams, which is now at Rs 1.60 lakh. This means its price has increased by 26 thousand so far this year. Similarly, silver has also become more expensive by 27 thousand rupees during this period. Gold-Silver price movement so far this year Market will depend on US-Iran tension Experts believe that the next move of gold and silver will depend on these two factors: Keep these 2 things in mind when buying gold from jewelers 1. Buy only certified gold: Always buy certified gold with Bureau of Indian Standards (BIS) hallmark. This number can be alphanumeric like AZ4524. Hallmarking indicates how many carats the gold is. 2. Cross Check Prices: Cross check the correct weight of gold and its price on the day of purchase from multiple sources (like India Bullion and Jewellers Association website). The price of gold varies according to 24 carat, 22 carat and 18 carat.