Gold and Silver Prices Drop Considerably as Wedding Season Ends; Check Latest Rates

New Delhi: If you have been waiting to buy gold or silver, this week has some good news for you. Prices have dropped. And the decline has been continuing since last week.
Gold fell by Rs 2,106. Silver dropped by Rs 11,250.

Today's Gold Rates:

Here are the latest gold prices as per the Indian Bullion Jewelry Association (IBJA):

Today's silver rates?

As per the Good Returns, Here are the latest silver prices:

Silver 999 Fine — Rs 2,49,090 per kg

Government hiked import duty?

One big reason gold is expensive in India right now is the import duty hike. Earlier the duty on gold imports was 6 percent. The government raised it to 15 percent. That is a jump of 9 percent.
This directly hits the consumer. Higher import duty means higher prices at the jewellery shop.

PM Modi had already warned?

Prime Minister Narendra Modi had previously urged citizens to cut down on gold purchases. The advice came keeping in mind rising global tensions and unstable market conditions.
Crude oil prices had also shot up multiple times. The government wants to protect India's foreign exchange reserves. And since India is one of the biggest gold importers in the world, every dollar spent on gold puts pressure on those reserves.

Wedding season is over?

Every year gold demand spikes during the wedding season. Families buy jewellery, coins and ornaments in bulk.
But that season has passed now. With fewer weddings on the calendar, demand has dropped naturally. Less demand means prices soften.
This is one of the key reasons behind the current dip in both gold and silver rates.

Should you buy now?

Prices are lower than last week. Import duty remains high. Global markets are still uncertain.
If you have a purchase planned, this dip could be a good window. But keep watching the market and take consultation with your financial advisor before making a final decision.