Gold Price TodayImage Credit Source: File Photo
There is relief in gold prices in the festive season. On Wednesday, due to profits in the market, the prices of both gold and silver declined. At a time when the season of weddings and festivals is starting, this decline in the price of gold has come as good news for common buyers.
On Wednesday, the price of 24 carat gold in Mumbai was Rs 1,15,370 per 10 grams, while 22 carat gold was getting Rs 1,05,750 per 10 grams. Talking about the price of silver, it had reached Rs 1,40,000 per kg. At the same time, gold futures prices were also seen to fall on the Multi Commodity Exchange (MCX). Gold was trading at Rs 1,13,478 per 10 grams here. Silver also fell 0.22% to Rs 1,34,763 per kg.
Today’s latest prices in major cities of the country are as follows:
How are you in the international market?
Internationally, gold prices have seen a decline. US spot gold fell 0.3% to $ 3,753.22 an ounce. On Tuesday, it had touched a record level of $ 3,790.82. US gold futures for December delivery also broke 0.8% to $ 3,785.90 an ounce.
According to experts, this decline in gold prices is due to ‘overbott’ i.e. technical signs of excessive purchase. Investors have also started profit -booking due to lack of indications of raising interest rates in the recent speech of the US Federal Reserve chief, Geom Powell.
What does gold prices affect in India?
The price of gold in India does not only depend on the international market, but many factor like import duty, currency value and local demand play a role in it. Gold is not only an ornament in India, but it is also an important part of investment and cultural tradition. This is the reason that its demand increases rapidly during festivals and marriage.
At present, the fall in the price of gold can be short -lived. If you are planning to buy gold for festivals or wedding, then this time can be beneficial for you.