There was a slight drop in the price of gold on July 14 as it provided some respite to buyers
amid recent volatility in the precious metals market. Even though the price of gold declined,
the price of silver increased substantially and traded around ₹2.35 lakh per kg in most of the
major markets. This shows the shift in the dynamics in the international commodity markets.
As per the latest trends in the market, the prices of 24 carat gold fell marginally against their
levels in the last trading day. The same happened with 22 carat gold, where its price also
declined slightly. The fall in gold prices can be attributed to the rise in the value of US
dollars, reduction in geopolitical worries, and booking profits after making profits recently.
On the contrary, the price of silver held a bull position due to the rising industrial demand and
continued investments. Silver is not only a precious metal but also an essential metal that
finds application in sectors like electronics, solar power, electric cars, and manufacturing
among others.
Buyers and investors have been encouraged by the market experts to look at the daily price
changes of precious metals and bullions before they make their purchases. Prices for
jewellery can vary from city to city depending on the local government taxation, transport
charges, and making charges.
As we head into the festive and wedding seasons in the coming months, there is likely to be
an increase in the demand for gold jewelry, which may affect prices at home. Additionally,
the investors are paying attention to economic signals around the globe, data on inflation,
and decisions made by the central banks, which have a big influence on precious metals.
Though gold has pulled back somewhat, it remains appealing in the long run as an
inflation-hedge and a safe haven asset. On the other hand, the sharp rally in silver shows
how important this precious metal has become as an investment and industrial asset. We
recommend that buyers visit their local jeweler/bullion dealer to learn about current prices.
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