Gold Price FALLS On November 12: Check 22K, 24K Rates In Your City
Gold Price: Due to international factors, the price of ornamental gold has suddenly dropped, bringing joy to those planning weddings. As investors focus on the stock market, gold prices have fallen, while silver prices have slightly increased
Here's today's gold price situation!
The price of ornamental gold, which was rising until a week ago, has now suddenly dropped, bringing a pleasant surprise to homemakers and families planning weddings. This price drop during the wedding season has created new excitement in the jewelry market.
Due to the lower gold price, jewelry stores in Chennai are crowded today. The price of ornamental gold, which had risen to ₹11,700 per gram in recent weeks, has now decreased by ₹100 to ₹11,600 per gram. As a result, the price of one sovereign of gold has dropped by ₹800 to ₹92,800.
Is America the reason for everything?!
This price drop has brought happiness to both jewelers and the public. Jewelers say the main reason for the pressure on gold prices is that international investors have started investing in the stock market.
New US government tax policies, global market anticipation of whether Donald Trump will return to power, and the international economic situation are pushing investors towards the stock market. As a result, money is moving out of metals like gold and silver and into stocks.
Consequently, gold prices are falling globally. Since the Indian market follows this trend, gold prices have dropped by up to 1% compared to last week. According to traders' predictions, this situation is likely to continue for another week.
Silver Price and International Factors
Meanwhile, the price of silver has slightly increased. Currently, silver is being sold at ₹173 per gram, which is ₹3 more than yesterday's price. One kilogram of silver is priced at ₹1,73,000.
Due to the drop in gold prices, people are flocking to jewelry stores for their wedding needs and for investment purposes. There is renewed interest, especially in pre-bookings for weddings and gold pre-booking schemes.
The Gold Jewelers Association states: “As long as the stock market performs well, gold prices may fall a little more. Gold prices will only rise again when there are changes in the international situation. Until then, it's a good time for those planning to buy jewelry.”
In short, this week's gold price drop is a great relief for homemakers and wedding households. At the same time, investors keeping an eye on the stock market indicates a possibility of a further steady decline in gold prices.
Gold Price (Chennai, Today)
1 gram: ₹11,600
1 sovereign: ₹92,800
Silver Price (Chennai, Today)
1 gram: ₹173
1 kilogram: ₹1,73,000
International political situations and the strength of the dollar determine gold prices. Experts say that with the stock market currently on the rise, gold will remain stable at a lower price for some time. This news has become a great opportunity for the public who were planning to buy gold.
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