Gold prices continued to fall today, which brought considerable relief to buyers. In the COMEX international market, gold prices are trading 0.63% higher at $4,151.80 an ounce after recovering from lower levels.
However, despite improvement in international prices, prices in the domestic bullion market are 0.93% lower today as compared to yesterday. As a result, the average price of gold in the country today is ₹1,45,900 per 10 grams, which was ₹1,47,268 yesterday – a decline of ₹1,368 per 10 grams in a single day.
In the national capital Delhi, gold prices opened at ₹1,45,650 per 10 grams today, which is ₹250 lower than the national average. For those looking for diamond jewelery or light gold designs, 18-carat gold rates fell by ₹1,026 per 10 grams compared to yesterday; The price of 10 grams of 18-carat gold is now ₹1,09,425.
Why are gold prices falling in India?
Gold is trading up 0.63% on Comex, but down 0.93% in India. There are several reasons for this: The wedding season is over in India, and a sustained fall in gold prices could lead to a market crash. As a result, people are selling gold instead of buying and selling old gold in the bullion market to get cash. This has led to a sudden increase in the supply of gold, while prices are falling due to low demand.
Moreover, the government has recently increased the custom duty on gold from 6% to 15%. Also, citizens have been urged to postpone the purchase of gold till next year. As a result, people are avoiding buying this metal. Due to low demand, dealers are selling gold at low premium. The strengthening of the dollar in the international market is also one of the main reasons for the fall in prices.
**Jump in silver prices**
Today, silver is trading 1.12% higher at $61.75 an ounce on COMEX. Silver prices have also seen a big increase of 1.35% in the domestic bullion market. Due to this, the price has reached the level of ₹ 2.32 lakh per kg. With today’s 1.35% increase, silver has become costlier by ₹3,091 per kg compared to yesterday.