Gold prices fell by ₹400 per sovereign today, the first day of the week, selling at ₹72,080. Factors like international market trends, US economic reports, and the end of the Indian wedding season are cited as reasons for the price drop
An unexpected drop in gold prices occurred today, the first day of the week. Factors such as international market trends, US economic reports, and the historically high gold prices in India have combined to push down gold prices.
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Gold Price This Low!
The price of one gram of gold decreased by ₹50 today, selling at ₹9,010. Similarly, the price of one sovereign of gold decreased by ₹400 from yesterday's price, selling at ₹72,080. This significant price drop is surprising, considering the price ranged from ₹72,480 to ₹72,800 last week.
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Do You Know the Reason?
Several reasons are cited for the drop in gold prices. Primarily, the dollar strengthened following the release of new US inflation data. This reduced consumer confidence in gold in the global market. At the same time, reports indicate a decrease in gold purchases in China. In India, the end of the wedding season and a decrease in new wedding orders have also contributed to lower sales.
Customer traffic has increased in jewelry businesses in major cities like Chennai, Coimbatore, Madurai, Trichy, and Salem due to the lower gold prices. Jewelers say many people are considering buying gold at this price. Some are reportedly waiting, expecting further price drops.
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Increasing Investment
Gold price fluctuations are directly related to our country's economy. Import controls, the value of the Indian rupee, and global market conditions are major factors influencing price fluctuations. Due to Indians' habit of viewing gold as an investment, there is a possibility of increased purchases when prices fall.
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Golden Opportunity
This price drop is good news for those with existing investment plans. It offers opportunities for special gifts and trading profits. Traders are ready to replenish their stocks. Gold prices may rise again during periods of increased jewelry sales. Considering everything, this lower gold price could be a good time for investors and the public to buy gold. However, some may wait a few more days as there is a possibility of further price drops.
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Silver Price Decline
There is no change in silver price today. One gram of silver is selling for ₹120, and one bar of silver is selling for ₹120,000.
