A continuous decline is being seen in the prices of gold. Talking about the last one week, the rate of gold has decreased by Rs 3710. Talking about Delhi only, on November 17, 10 grams of 24 carat gold is available in Delhi for Rs 75800. Let us now know how much 10 grams of gold is available in which city of India. Along with this, we will also know why the prices of gold are falling so much.
How much gold is available in which city?
According to the report of Moneycontrol, where the price of 24 carat gold in Delhi is Rs 75,800 per 10 grams. Whereas the price of 22 carat gold is Rs 69,500 per 10 grams. Talking about Mumbai and Kolkata, the price of 24 carat gold here is Rs 75,650 per 10 grams. Whereas the price per 10 grams of 22 carat gold is Rs 69,350.
While in Chennai the price of 10 grams of 24 carat gold is Rs 75,600, in Bhopal and Ahmedabad the price of 24 carat gold per 10 grams is Rs 75,700. Talking about Lucknow, the capital of Uttar Pradesh, the price of 24 carat gold per 10 grams here is Rs 75,800. The price of 10 grams of 24 carat gold is the same in Jaipur and Chandigarh also.
Why is the price of gold falling?
In fact, after the Federal Reserve in America reduced interest rates in two consecutive FOMC meetings, the dollar is strengthening and its direct impact is on gold prices. This is the reason why a decline in the rate of gold is being seen. Let us tell you, in the global market the price of gold on Comex has come to $ 2,570.10 per ounce. If we talk about the price of gold in the last one week, it had gone up to $ 2622.45 per ounce. That means its price has come down by more than $50 per ounce.
Relationship between gold price and dollar
In fact, when the value of the US dollar strengthens against the currencies of other countries, a decline in the price of gold is seen. This is because those countries have to pay higher prices to buy gold. Because of this, gold buying countries reduce their purchasing of gold. In such a situation, when demand decreases, its price automatically falls.
Also read: What should mutual fund and SIP investors do in a falling market? The country’s biggest financial expert gave a direct answer to this
