Gold becomes ₹4,065/10 gm cheaper in just one day:Prices fall to ₹1.48 lakh/10 gm; 1 kg silver rates correct ₹9,158/kg

Gold and silver prices fell sharply today, continuing a downward trend that has made precious metals significantly cheaper this month. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold fell by ₹4,065 to ₹1.48 lakh per 10 grams. Meanwhile, silver became cheaper by ₹9,158, with prices dropping to ₹2.23 lakh per kilogram. September Price Correction: A Major Relief for Buyers Precious metals have seen a steep decline over the last 28 days of September. Why are Gold and Silver Prices Falling? Market experts point to two major factors influencing the current market: US Fed Rate Hike: The US Federal Reserve raised interest rates for the first time in three years. Higher interest rates generally strengthen the US dollar, making gold less attractive to investors. Safe-Haven Demand: While the market is currently weak, experts note that ongoing geopolitical tensions and global economic uncertainty could prevent a major crash. Investors often turn to gold as a “safe-haven” asset during tough times. Expert Advice: Analysts advise retail investors to remain cautious as the market remains volatile. However, they highlight that any sharp price drops should be viewed as a good buying opportunity for long-term investors. Smart Buyer’s Guide: 2 Things to Check Before Buying Gold If you plan to take advantage of the lower prices, keep these two safety tips in mind: Look for the BIS Hallmark: Always buy gold that is certified by the Bureau of Indian Standards (BIS). Look for the unique alphanumeric hallmark code (such as AZ4524) stamped on the jewelry, which guarantees its purity. Cross-Check Daily Rates: Gold prices vary based on purity (24-carat, 22-carat, and 18-carat). Before making a purchase, cross-check the day’s official rates on the IBJA website and verify the exact weight of the jewelry. How to Identify Genuine Silver: 4 Simple Tests With silver prices down by ₹14,000 this month, here is how you can check if the silver you are buying is real: The Magnet Test: Real silver is non-magnetic. If your silver jewelry or coin sticks to a magnet, it is fake. The Ice Test: Silver is an excellent conductor of heat. Place a piece of ice on the silver; if it melts unusually fast, the silver is genuine. The Smell Test: Real silver has no smell. If the item smells strongly of copper or other chemicals, it is likely a counterfeit. The Cloth Test: Gently rub the silver item with a clean white cloth. If it leaves a black residue on the cloth, it is a sign of real silver reacting to the air.