Business
Gold prices in India have fallen below those in the Gulf. This is due to a decline in global gold prices. Tensions in the Gulf keep prices high there.
On Nov 16, 24k gold was Rs 75,650/10g, 22k was Rs 69,350/10g, and 18k was Rs 56,740 in India.
24k gold in Oman rose by Rs 220 leading to Rs 75,763/10g, while in Qatar it reached Rs 76,293/10g.
Gold saw its sharpest 3-year drop, with US prices down 4.5% to a 2-month low near $2,563.25/troy ounce.
The strengthening dollar makes gold more expensive, pressuring global demand.
Wedding season and festive shopping boost India's gold demand, yet prices are below September highs.
US economic resilience reduces chances of Fed rate cuts, keeping rates high and impacting gold prices.
Middle East tensions, especially the Israel-Gaza conflict, boost gold as a safe haven, driving up Gulf prices.
Retail and institutional gold demand rises in countries like Qatar and Oman as people seek safe havens.
Global gold prices have fallen sharply since October's record high, down 7% since last month.