Buying Gold? Big Price Drop on 29 July, Check Latest Gold and Silver Rates

New Delhi: If you are planning to buy gold, then there is good news for you. After several consecutive days of rise, a big fall in gold prices was recorded in the domestic bullion market on Tuesday. On July 29, the price of 24-carat gold fell by Rs 1,710 per 10 grams to Rs 1,44,160. At the same time, there was no change in the prices of silver and it remained stable at Rs 2,39,900 per kg.

How much did gold become cheaper in one day?

On July 28, the price of 24 carat gold was Rs 1,45,870 per 10 grams. Today it recorded a fall of Rs 1,710. This reduction, which came after a continuous rise, has brought relief to those customers who were waiting to buy gold for a long time. Market experts believe that price fluctuations may continue for now.

Why did the price of silver remain stable?

Despite the fall in gold, there was no change in the price of silver. Even on Tuesday, silver continued to trade at Rs 2,39,900 per kg. According to traders, the demand for silver in the domestic market and global cues remain balanced at present, hence prices remained stable.

What is the reason for the fall in gold prices?

According to experts, there was pressure on gold prices due to profit booking by investors in the international market, strength in the dollar index and caution before the US Federal Reserve meeting. This had a direct impact on the Indian market and gold became cheaper in the domestic bullion market.

What things should be kept in mind while buying gold?

If you are going to buy jewellery, buy only BIS hallmarked gold. Also, definitely check the HUID number, because it identifies the purity of the jewellery. It is also beneficial to compare the making charges and prices of different jewelers before purchasing. This will help you buy pure gold at a better price.