Gold, Silver Price, Sept 1, 2022: Sharp Decline In Gold, Silver Prices

Gold price in the national capital declined by Rs 195 to Rs 50,723 per 10 grams on Thursday amid a fall in international precious metal prices, according to HDFC Securities.

In the previous trade, the yellow metal had settled at Rs 50,918 per 10 grams. Silver also tumbled by Rs 863 to Rs 52,819 per kg from Rs 53,682 in the previous session, according to a PTI report.

In the international market, gold was quoting lower at USD 1,703 per ounce while silver was flat at USD 17.73 per ounce, added the PTI report.

"Gold prices extended decline on stronger dollar and speculation over US non-farm payroll data," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

How Is Gold Used In Electronics?
Gold is being highly used these days for manufacturing of the electronic material or goods. The reason for using gold in electronics is gold have few properties which we cannot find in other metal such as gold does not corrode or tarnish. In most of the electronic devices, low voltages are used because of which there will be high chances of tarnish and corrode.

Usage of gold will reduce this tarnishing and corrosion problem. Gold increases the durability of the components. Gold is used in components such as connectors, switches, relays, connecting strips, etc. Even the electronic goods we use in our daily life have gold in it such as cell phones, calculators, personal digital assistants, global positioning system units, etc. A lot of big electronic appliances such as television also contains gold in it. The main problem comes with this kind of usage of gold is we are losing gold due to this.

As the gold used in these items are not being recycled. Though the gold being used in these devices is in minuscule quantity, but in the long term, this will affect. As of now due to the usage of gold in electronics is not giving any big impact on gold rates in India.