Big fall in gold prices, know how cheap gold has become today
2 min readGold Price Today 11th September 2020: For the past several days, the rise in the spot price of gold and silver took a break today. Today, both gold and silver opened with a fall in bullion markets across the country. Today, the silver rate is seen to fall by Rs 839 per kg, while the prices of gold from 14 to 24 carats are also showing a decrease. On Friday, bullion markets opened at Rs 51304, up 24 rupees, from 24 karat gold, as against Thursday’s closing price of Rs 51476 per 10 grams, while silver opened at Rs 65252 per kg.
Why did gold and silver become cheap
On the other hand, gold prices fell today after registering strong gains in the global markets in the previous session. The US dollar depreciated against the euro in the previous session, but concerns over the global economic recovery kept gold losses down. Spot gold was down 0.3% at $ 1,947.41 an ounce after an increase of $ 1,965.94 in the previous session.
According to the India Bullion and Jewelers Association website (ibjarates.com) on 11 September 2020, the gold and silver spot prices across the country were as follows…
| Metal | Rate of 11 September (Rs / 10g) | 10 September rate (Rs / 10g) | Rate change (Rs / 10g) |
| Gold 999 (24 carat) | 51304 | 51476 | -172 |
| Gold 995 (23 carat) | 51099 | 51270 | -171 |
| Gold 916 (22 carat) | 46994 | 47152 | -158 |
| Gold 750 (18 carat) | 38478 | 38607 | -129 |
| Gold 585 (14 carat) | 30013 | 30113 | -100 |
| Silver 999 | 65252 Rs/Kg | 66091 Rs/Kg | -839 Rs/Kg |
Explain that the rate issued by IBJA is universally accepted. However, GST has not been included in the rate given on this website. When buying and selling gold, you can refer to the rate of IBJA. According to Rajesh Khosla, media in-charge of India Bullion and Jewelers Association Delhi, ibja shows the average price of gold and silver from 14 centers across the country. Khosla says that the current rate of gold-silver or, say, the spot price may be different at different places but there is a slight difference in their prices.
