The dollar’s resurgence and profit booking have caused a little slowdown in gold prices.
Current Gold Rate: Gold’s price dropped for the second day in a row on Saturday, ahead of two important holidays: Dhanteras and Diwali. The price of 24 carat gold dropped to Rs 1,18,670 per 10 kilos in Delhi.
The price of the valuable yellow gold rose steadily from Sharadiya Navratri to Dussehra, setting a new record high almost every day.
However, the issue of why gold prices are rising daily emerges. The current US shutdown, holiday demand in India, disillusionment in the NSE and BSE, the potential for interest rate cuts by the US central bank, and the weak dollar might all be contributing factors. Significantly, dismal US labor data increases the likelihood that the Fed may lower interest rates.
Why Were Gold Purchases Slowed by Dollar Recovery and Profit-Booking?
It is important to note that the pace of gold buying has slowed due to recent profit-booking and a currency rebound. Gold prices have declined in both the futures and bullion markets, demonstrating the impact on the markets.
These are the gold prices in Delhi and the ten largest cities in the nation.
The finest 24-carat gold, which costs Rs 118,670 per 10 kilos, is available in Delhi. Each 10 grams of 22-carat gold costs Rs 108,790.
Highlights
Ahead of Diwali and Dhanteras, gold prices have dropped for the second day in a row.
In Delhi, 10 grams of 24-carat gold costs Rs 1,18,670, while 22-carat gold costs Rs 1,08,790.
Gold purchases have slowed as a result of profit-booking and the dollar rebound.
In other large cities, 10 grams of 22–24 carat gold cost between Rs 1,08,640 and Rs 1,18,570.
Mumbai, Chennai, and Kolkata’s gold prices
According to the most recent statistics, 10 grams of 22-carat gold costs Rs 1,08,640 in Mumbai, Chennai, and Kolkata. In these places, 10 grams of 24 carat gold costs Rs 1,18,520.
Prices of Gold in Chandigarh, Jaipur, and Lucknow
22-carat gold is selling for Rs 1,08,790 per 10 kilos, while 24-carat gold costs Rs 1,18,670 per 10 grams.