Gold prices witnesses successive days of price drop
March 23, 2023 12:38 ISTThe price of 24 carat gold (10 gm) drops by Rs 550.
The price of 24 carat gold (10 gm) drops by Rs 550.
Gold prices decreased by Rs 600 in a single day.
The prices of both 24 carat and 22 carat gold have increased significantly across various major cities in the country.
Gold prices today: On Tuesday (14th March), the cost of 24 carat gold (10 grams) was recorded at Rs 57,220, whereas 22 carat gold (10 grams) was priced at Rs 52,450.
On Monday (13th March), the price of 24 carat gold (10 grams) was Rs 55,670, whereas 22 carat gold (10 grams) was priced at Rs 50,990.
Gold price in India increased by Rs 540 per 10 grams to reach Rs 56,070 on March 11, 2023. This rise in gold prices is due to the strengthening of the global demand for the precious metal. In contrast, the price of silver fell by Rs 200 per kilogram to reach Rs 70,800 due to a decrease in demand.
The price of gold in India on Thursday, March 10, was recorded at Rs. 55,290 for 24 carat gold (10 grams) and Rs. 50,460 for 22 carat gold (10 grams).
New rules for selling gold: To safeguard consumers from fraudulent activities and guarantee consistent standards of gold quality nationwide, the Indian government has implemented a mandatory HUID-based hallmarking system for gold jewellery and artefacts.
In early February, the price of gold reached its highest level since April 2022, but it quickly changed direction. Due to the anticipation of more rate hikes, buoyed by robust economic data, bullion has fallen by over 5% this month.
According to Bart Melek, who is the Head of Commodity Markets Strategy at TD Securities, despite having support at $1,806, gold prices have been declining due to higher-than-anticipated inflation, and the economy has remained robust.
The US Bureau of Economic Analysis has reported solid growth of 2.7% in the second reading of the fourth-quarter Gross Domestic Product, slightly lower than the initial estimate of 2.9%, while personal consumption contributed to the latest downward revision, as it increased by 1.4%.
The recent strength of the US dollar and the possibility of a more hawkish monetary policy from the Federal Reserve has put pressure on gold prices.
The domestic markets have recently witnessed a notable decline in gold prices, hitting a five-week low. This downturn is attributed by market experts to apprehensions over the potential hike in interest rates by the US Federal Reserve and a series of strong economic data being released by the US.
In recent days, gold prices have experienced a significant downturn, dropping to a five-week low in the domestic markets. Market experts attribute this decline to concerns over the US Federal Reserve potentially increasing interest rates, as well as a slew of robust economic data coming out of US
Gold and silver prices have shown slight weakness or have remained steady during early U.S. trading on Thursday, in the wake of a U.S. inflation report that disclosed an increase in inflation.
In a noble initiative, the sarpanch has decided to give out gold coins in exchange for polythene to prevent household plastic waste from being dumped into fields and water bodies.
According to ANZ Bank strategists, the price of gold has dropped below $1,850, which is the lowest it has been since early January.
Investors were awaiting the release of the US Consumer Price Index (CPI) data, which measures inflation and can impact the value of the precious metal.
Midday trading in the U.S. has seen a decrease in gold and silver prices, with silver hitting its lowest point in 2.5 months and gold reaching a five-week bottom. The recent decline in technical outlook for both metals has triggered some selling pressure.
Gold price news: Gold prices remain near a one-month low, with a stronger US dollar having a significant impact on the precious metal's performance. Despite the negative pressure, market analysts continue to monitor the situation, forecasting possible fluctuations in the near future.
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