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Gold prices in India have been sliding since Dhanteras, with 24-carat rates dropping sharply across major cities. The decline is driven by stronger dollar trends, global profit-booking, and optimism over improving U.S.-China trade relations. Silver too follows suit.
Gold and Silver Prices Continue to Fall in India
New Delhi: The prices of both gold and silver are continuously falling in India. This decline, which began around Dhanteras (October 18), is still ongoing. Investors are booking profits, and international gold prices also remain weak. Let's find out in detail what the reasons are behind this drop and what the price of gold is in different cities.
In Delhi, 24-karat gold is now priced at ₹123,420 per 10 grams, while 22-karat gold is priced at ₹113,140 per 10 grams. This reflects a decline compared to the past few days. Gold prices were high before Dhanteras, but now investors are booking profits, putting pressure on prices.
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Like Delhi, gold prices have also fallen in other major cities of the country—such as Mumbai, Ahmedabad, Chennai, Kolkata, Hyderabad, Jaipur, Bhopal, Lucknow, and Chandigarh.
In Mumbai, Chennai, Kolkata, and Hyderabad, 24-karat gold has reached approximately ₹123,270 per 10 grams.
In Ahmedabad and Bhopal, it is ₹123,320 per 10 grams.
Meanwhile, in Jaipur, Lucknow, and Chandigarh, the price is the same as in Delhi, i.e., ₹123,420 per 10 grams.
22-karat gold prices have also fallen in approximately the same proportion.
Like gold, silver prices have also registered a decline. On October 28, silver is priced at ₹154,900 per kilogram. In the international market, it has fallen by about 2.03% to $47.60 per ounce. Profit-booking by investors and the strengthening of the dollar are also putting pressure on silver prices.
After nine weeks of rally, Gold takes a sharp fall
Hopes of Improvement in US-China Relations
Improved trade relations between the world's two largest economies have shifted investors' attention towards the stock market, reducing the demand for gold. Federal Reserve's Interest Rate Decision:
The market is cautious ahead of the upcoming decision by the US central bank (Federal Reserve) on interest rates. An increase in interest rates puts downward pressure on gold prices.
Dollar Strength
A stronger dollar makes gold more expensive, leading investors to reduce their purchases.
Profit Booking
Many investors who previously bought gold at higher prices are now selling to lock in profits. Overall, both gold and silver are currently experiencing a downturn.
Gold Rate Today: Fluctuation in market; Know the right time to buy?
The shift in investor sentiment since Dhanteras and international economic indicators have impacted their prices. Discussions surrounding a potential agreement between the US and China in the coming days will determine whether this decline continues.
