Silver becomes ₹1.60 lakh cheaper in just 3 days:White metal rates fall to ₹2.41 lakh per kg; gold declines to ₹1.40 lakh per 10 gm

Gold and silver market has been falling for the third consecutive day. On February 2, silver fell by about ₹23,000 (9%) in the futures market. The price of 1 kg silver came down to ₹2.41 lakh . Gold also saw a decline of about ₹7,000 (6%). 10 grams of gold has come down to ₹1.40 lakh. Silver fell by ₹40,000 on January 30 Bullion market rates will be released shortly. Earlier on January 30, silver became cheaper by ₹40,638 and gold by ₹9,545 in spot market. According to the India Bullion and Jewelers Association (IBJA), one kg of silver had come down to ₹3,39,350 per kg. While the price of 10 grams of 24 carat gold had come down to ₹1,65,795. 2 Reasons for Fall in Gold-Silver Profit Booking: Gold and silver prices had reached record levels in recent days, after which investors booked profits on a large scale. Decrease in Physical Demand: Physical demand weakened after all-time high, along with increased concerns about industrial usage. Pressure on Gold-Silver Prices Due to Margin Increase SEBI registered commodity expert Anuj Gupta said that the Chicago Mercantile Exchange (CME) has increased margin money on gold and silver after copper. The margin on gold has been increased from 6% to 8%. While for silver, it has been increased from 11% to 15%. Prices are expected to remain under pressure due to increased margins. When someone makes a large trade in the commodity market, they don’t have to pay the full amount immediately. They need to deposit a small portion of the total price as security, which is called ‘margin’. Increased margin means traders will now have to invest more money. There are many traders who have already made purchases. As margins increase, the exchange demands extra money from them. If they don’t have immediate funds, they have to sell their gold or silver. When many people sell together, prices start falling. Gold and Silver Prices in Bullion Market Keep These 2 Things in Mind When Buying Gold from Jewellers 1. Buy Only Certified Gold: Always buy certified gold with Bureau of Indian Standard (BIS) hallmark. This number can be alphanumeric like AZ4524. Hallmarking indicates how many carats the gold is. 2. Cross Check Price: 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). Gold rates vary based on 24 carat, 22 carat and 18 carat. 4 Ways to Identify Real Silver