Gold prices have slipped below Rs 77,000 per 10 grams on Monday, continuing a downward trend fueled by reduced demand following the festive season.
According to the Indian Bullion Jewelers Association (IBJA), the price of 24-carat gold fell to Rs 77,030 per 10 grams, marking a significant decline from the peak seen just weeks ago.
Other variants of gold also saw price adjustments, with:
- 22-carat gold priced at Rs 75,180 per 10 grams,
- 20-carat gold at Rs 68,550, and
- 18-carat gold at Rs 62,390 per 10 grams
The price of 14-carat gold, commonly used for jewelry, is Rs 49,680 per 10 grams.
Post-Festive Demand Eases Pressure On Prices
The latest decline in gold prices follows a spike in October when demand surged during the festive season.
On 23 October, the price of 24-carat gold reached a high of Rs 81,500 per 10 grams as consumers flocked to buy the precious metal for Diwali and wedding purchases.
However, with the end of the festive season, demand has softened, leading to a drop in prices.
Earlier this month, on 6 November, gold prices briefly touched their lowest level of the month at Rs 76,980 per 10 grams.
This drop reflects the continued weakening of demand in the domestic market, which traditionally peaks during the festive period and then recedes in the weeks that follow.
Gold prices have also seen a decline in the futures market. The December contract for gold on the Multi Commodity Exchange (MCX) is currently priced at Rs 76,795 per 10 grams, further indicating the cooling of demand for the metal.
Global Market Trends Contributing To Lower Prices
Gold prices are falling not only in India but also in global markets.
According to the World Gold Council, the global price of gold stands at $2,669 per ounce, a slight increase from Friday’s price of $2,647 per ounce.
This dip in global prices is attributed to a reduction in geopolitical and economic uncertainties following recent US election results, as well as the strengthening of the US dollar, which typically dampens demand for gold.
Silver Prices Also See A Decline
Silver prices have followed a similar trend. In India, the price of silver has dropped to Rs 91,310 per kg, while the December futures price on the MCX is Rs 90,888 per kg.
Globally, silver prices stand at $31.40 per ounce, reflecting decreased demand for precious metals across the board.
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