Gold prices have seen a decline on Sunday. Today in India, the price of ten grams of 22 carat gold has reached Rs 54,850.
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Gold prices have seen a decline on Sunday. Today in India, the price of ten grams of 22 carat gold has reached Rs 54,850. Earlier on Sunday it was present at Rs 55,000. According to the latest data, the price of 10 grams of 24 carat gold is Rs 59,840. On Sunday it was Rs 60,000. These prices are of Mumbai market. Talking about the capital Delhi, the price of 22 carat gold in the bullion market here is Rs 54,950. At the same time, the price of 24 carat gold in the capital Delhi is Rs 59,990.
On the other hand, in Kolkata, the capital of West Bengal, the price of 22 carat gold is present at Rs 54,850 today. At the same time, the price of 24 gold in the city is currently Rs 59,840. Whereas, the cost of 22 carat gold in Chennai is Rs 55,500. Today, the rate of 24 carat gold in the capital of Tamil Nadu is Rs 60,550. On the other hand, 22 carat gold price in Hyderabad is Rs.54,850. Whereas, the price of 24 carat gold in this city is Rs 59,840.
What is the reason for the decline?
According to commodity market experts, the reason for this fall in gold prices is the return of the US dollar from the recent low. After hitting a seven-week low last week, widening US Current Account Deficit (CAD) has propelled the US Dollar higher in recent sessions. They say that the US central bank has committed to reducing inflation and has not cut rates this year. At the same time, most experts are expecting another rate hike this year.
What will be the trend next?
Experts have said that the overall trend for gold is positive. But it will be difficult to cross the limit of $ 2,000 an ounce. It has been given support of Rs 58,500 per 10 grams and then Rs 58,000 per 10 grams. According to him, some banks in America have gone bankrupt. Due to the possibility of financial crisis, the demand for safe options for investment has increased among investors. In such a situation, investors may get attracted towards gold and silver.
