New Delhi: The glitter of gold shines dimmer as prices continue to reflect global market trends. In Delhi, the price of 24-carat gold has been fixed at ₹75,650 per 10 grams, while 22-carat gold is priced at ₹69,500 per 10 grams, according to a prominent news agency. Mumbai and Kolkata also share the same rates as the capital for both 24-carat and 22-carat gold, pegged at ₹75,650 and ₹69,350 per 10 grams, respectively.
Gold Prices Across Other Major Cities
In Chennai, the price for 24-carat gold stands slightly lower at ₹75,600 per 10 grams. Meanwhile, cities like Bhopal and Ahmedabad have recorded 24-carat gold prices at ₹75,500 per 10 grams. Lucknow, the capital of Uttar Pradesh, and cities like Jaipur and Chandigarh saw higher prices, with 24-carat gold listed at ₹75,800 per 10 grams.
The Global Influence: Why Are Gold Prices Falling?
The dip in gold prices can largely be attributed to global monetary policies. The U.S. Federal Reserve has reduced interest rates in two consecutive Federal Open Market Committee (FOMC) meetings, which has strengthened the dollar index. This inverse relationship between the dollar’s strength and gold prices is a key factor behind the recent price slump.
On the global front, the price of gold on the COMEX market has fallen to $2,570.10 per ounce, down from last week’s high of $2,622.45 per ounce a sharp drop of over $50 per ounce. This global trend directly impacts Indian gold prices, as the country relies heavily on imports for its gold supply.
What Does This Mean for Buyers?
The current dip in gold prices may provide an opportunity for buyers planning investments or wedding season purchases. However, industry experts advise keeping an eye on global developments, as any shifts in monetary policy or geopolitical tensions could influence gold prices once again.
