Suryaa Business Desk: As Diwali festival approaches, this is indeed a very comforting news for gold and silver buyers in the country. Past... As Diwali festival approaches, this is indeed a very comforting news for gold and silver buyers in the country. Crude prices, which have been unstable for the past few months due to global market developments, are now falling heavily. Due to the strengthening of the US dollar and the various financial conditions in the international market, the rates of green and silver collapsed at once. Experts are analyzing this as a good opportunity for the middle class people and common people who want to buy pasidi at this special time when the month of Kartika is coming and the wedding season is about to start. The prices, which touched record highs earlier this year, have now gradually declined, which has become a hot topic of discussion in the market.
Major cities of the country namely Hyderabad, Vijayawada, Visakhapatnam, Chennai and Bengaluru saw a significant drop in gold prices today. While the price of 24 carat pure gold is trading at Rs 1,43,940 per 10 gm in these regions, the price of 22 carat 10 gm raw gold, which is mostly used for jewelery making, continues to be Rs 1,31,940. And in Delhi, the capital of the country, it is slightly higher, while the price of 24 carat gold is at Rs.1,44,090, while the price of 22 carat is being sold at Rs.1,32,090. Business circles are predicting that due to the constant fall in prices during the festival, there is a possibility of a revival in the buying spree in the market. Not only gold but silver prices also fell heavily which is giving more excitement to the consumers. The price of silver settled at Rs 2,14,900 per kg in Hyderabad and Chennai markets, the major cities of Telugu states. Compared to the previous day, there is a decrease in the price of silver.
It is known that on January 29 this year, international and domestic bullion prices reached an all-time record high of Rs.1,76,306. However, the rates of paddy gradually decreased from there, by the end of October, it fell by more than twenty percent and reached the mark of Rs.1,40,000. Due to the tense situation in the West Asian region, the sharp increase in crude oil prices in the past also had a severe impact on the gold market. The fact that crude oil prices, which had soared to record highs at that time, have now returned to normal levels is raising new hopes among economists. Market experts are predicting that if this trend continues in the coming days, the prices may fall further. Experts suggest that the current market conditions are very favorable for those looking to invest in gold and silver metals or buy jewelery themselves during Diwali and consumers should take advantage of this opportunity. Also Read: The aim is to provide selfless services to the people: 21st ward TDP candidate Nagur Vali clarifies