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If you are planning to buy gold or silver, then this week can prove to be very special for you. There has been a huge fall in precious metals in the market this week. While gold has become cheaper by Rs 2,200, the prices of silver have also dropped by about Rs 5,000. In such a situation, this question is bound to arise in the minds of investors and buyers whether this period of decline in the market will continue further or is this the right opportunity to buy?

A look at the new rates of gold and silver

According to data from India Bullion and Jewelers Association (IBJA), both gold and silver remained under pressure throughout this week. 24 carat gold has fallen by Rs 2,209 this week to Rs 1,41,159 per 10 grams, which was earlier Rs 1,43,368. Similarly, the price of 22 carat gold was recorded at Rs 1,29,302 per 10 grams. Talking about silver, it has come down from Rs 2,20,390 to Rs 2,15,474 per kg, that is, there has been a huge fall of Rs 4,917.

If we look at the prices of gold in major cities, 24 carat gold is being sold at Rs 1,42,680 per 10 gram in cities like Delhi, Lucknow and Noida, Rs 1,42,530 in Mumbai and Kolkata and Rs 1,42,910 per 10 gram in Chennai. In case of silver, the price of 1 kg in cities like Delhi and Mumbai is Rs 2,35,000, while in Chennai it has reached Rs 2,40,000.

What are the experts indicating?

Market experts believe that MCX Gold is currently trying to save the important level of Rs 1,40,000. If gold slips further below this level, it can go up to Rs 1,38,700. At the same time, the recovery is expected to accelerate only after crossing the level of Rs 1,42,700 on the upside. The level of Rs 2,15,000 is very important for silver, if it goes below it, silver can slip to Rs 2,10,000.

Real reasons for market decline

There are many global reasons behind the pressure on gold and silver. Increasing tension between the US and Iran, continuous fluctuations in crude oil prices and uncertainty regarding interest rates by the US Federal Reserve have affected the prices of precious metals. Even in the global market, gold is struggling around $ 4,000 an ounce. Market movements in the coming days will entirely depend on global cues and the Fed’s next steps. It is advisable for investors to take decisions only with caution in view of market volatility.