Gold-Silver Price Today: Gold and Silver prices fall sharply, after creating history, know today’s rate
Gold-Silver Price Today 19th May 2020: After creating new history a day ago, today gold has become cheaper by Rs 895 per 10 grams and comes to Rs 46966. The bullion market saw a sharp drop in the price of 24 grams of 24 carat gold on Tuesday morning. Earlier on Monday, the price of 10 grams of gold reached an alltime high of Rs 47861. At the same time, the silver tone also looks soft today. Silver has lost Rs 1110 per kg in morning trade. The website of the India Bullion and Jewelers Association (ibjarates.com) updates their average price. According to ibjarates, gold and silver rates remained as follows on 19 May 2020.
|Metal||19 May Rate (Rs / 10g)||18 May Rate (Rs / 10g)||Rate change (Rs / 10g)|
|Silver 999||47010 Rs / Kg||48120||-1110|
According to Rajesh Khosla, media in-charge of the 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.
Also read: Gold becomes expensive by Rs 7000 per 10 grams in two months
Jewelers are not worried about price rise
Dariba Jewelers Association President Tarun Gupta said that the lockdown has been relaxed in 4. In the coming days, Jewelsai will open their shop following the same guidelines. On the continuous increase in the price of gold, he said that this is not a concern. This has always happened with gold. Now when there will be less expense in wedding ceremony due to corona, people will buy more gold and silver. We are expecting good demand after the lockdown.
Gold futures fall due to weak spot demand
Gold futures fell 0.1 per cent to Rs 46,610 per 10 gram on Tuesday due to weak spot demand. Gold for June delivery fell by Rs 45, or 0.1 per cent, to Rs 46,610 per 10 grams at the Multi Commodity Exchange. It traded for 11,754 lots. Similarly, gold for August delivery fell by Rs 32, or 0.07 per cent, to Rs 46,880 per 10 grams. However, gold was trading up 0.13 percent at $ 1,736.60 an ounce in New York.
Many records made and broken in lockdown
Gold for the first time reached a new peak of Rs 45201 on 9 April. Four days later this record was broken and on 13 April, gold reached Rs 46034 per ten grams. Gold set a new all-time record on this day, but it also collapsed on 15 April. Gold reached another new peak of Rs 46534 per 10 grams. This record also broke the very next day on 16 April and the price of 10 grams of gold was Rs 46,928. After this, gold reached a new record of Rs 47067 on 15 May. This record also broke on 18 May. Gold reached Rs 47861.
What is gold 999
Hallmarked jewelery has hallmark marks and some digits such as 999, 916, 875. The secret of your gold purity is hidden in these marks. Keep in mind, the gold jewelery with the number 999 is 24 carat with the hallmark mark. 999 means the purity of gold in it is 99.9 percent. Similarly, 995 on 23 carat gold, while 916 on 22 carat gold, 875 on 21 carat, 750 marks on 18 carat.
(Input: also from agencies)