Gold Prices Falling: Good News for Shoppers
Are you thinking about buying gold? Now might be a great time for you. Both gold and silver prices in our country are decreasing, which is good news for potential buyers. After reaching very high levels, gold prices are now going down. This change is due to international factors affecting the market.
Reversal in Gold Prices
The situation is changing now. Not only are prices falling in our country, but they are also dropping in other parts of the world. This trend is expected to continue in the coming days. With the start of the month of Shravana, it’s anticipated that more people will buy gold, especially on the upcoming Shravan Friday, an auspicious day. These lower prices are especially advantageous for those who want to buy gold for weddings and other important events.
Impact on Demand and Price
As people buy more gold, the demand will rise. This increase in demand typically leads to higher prices. Therefore, individuals who are interested in buying gold jewelry should consider taking advantage of this opportunity. This is particularly relevant now as wedding season and other celebrations are about to begin.
Gold and Silver Rates Today
The prices of both gold and silver are dropping internationally. In the last four sessions alone, the price of gold has fallen by $40. Today, it decreased by $7 per ounce compared to the previous day. Even the price of silver, which has remained steady for a while, is going down. Right now, the spot gold rate is $1917 per ounce, and the spot silver rate is at $22.71.
Decrease in Gold Prices in Hyderabad
The gold prices in Hyderabad have fallen for two consecutive days. Yesterday, the price for 10 grams of gold dropped by Rs. 100, and today it has fallen another Rs. 110. The current rate for 22 carat gold is Rs. 54,950 for 10 grams, and for 24 carat gold, it’s Rs. 59,950 for 10 grams. In Delhi, the rates are a bit higher, with 22 carat gold priced at Rs. 55,100 and 24 carat gold at Rs. 60,110 for 10 grams.
Silver Prices Also Decreasing
Silver prices are also on a downward trend. In Hyderabad, the price dropped by Rs. 600 today. Over the course of three days, the price per kilogram of silver has gone down by Rs. 1800. Currently, silver is priced at Rs. 76,700 per kilogram in Hyderabad. In Delhi, the price has fallen by Rs. 500, resulting in a decrease of Rs. 1600 over three days. The current rate per kilogram is Rs. 73,500.
Reason Behind the Price Drop
Market experts attribute the continuous decrease in gold and silver prices to a specific reason. The strengthening of the US dollar, due to expectations of increased interest rates by the US Federal Reserve, is impacting the prices. Investors are shifting their focus from precious metals like gold and silver to government securities, causing gold prices to fall.
Depreciation of the Indian Rupee
The value of the Indian rupee is declining due to rising global interest rates and the strengthening dollar. Current global exchange rates show that the rupee is trading at around Rs. 82.883 against the dollar. This has been affected by various factors, including international interest rates, the strength of the dollar, and domestic market conditions.