Even today, gold prices continue to fall. The price of 24-carat gold on July 2 is ₹1,44,550 per 10 grams, 1.3% lower than yesterday. Yesterday this price was ₹ 1,46,454 per 10 grams, which means it has decreased by ₹ 1,904. Similarly, 18-carat gold price in India today is ₹1,08,412.5 per 10 grams, which is ₹1,428 lower than yesterday. Based on this reduction in price, today 1 gram of 24-carat gold has become cheaper by ₹190, while the price of 100 grams has decreased by ₹19,000.
What is the price of silver?
Today, silver prices are recovering by 0.64% due to buying at lower prices in the spot market. Due to this increase, silver prices have increased by ₹1,400-₹1,500 per kg compared to yesterday’s closing rates.
After this change in price, silver prices in the retail market of the country have returned to the level of ₹ 2,40,100 per kg. Due to local taxes and other reasons, prices have reached up to ₹2,45,000 per kg in certain markets. On a per gram basis, the prices have increased by about ₹1.50 as compared to yesterday, and have stabilized between ₹240.10 to ₹245.
Why are gold prices falling?
The continuous fall in gold prices has spread fear among people that prices may fall further. As a result, people are selling gold instead of buying it. In the current quarter alone, Indians have sold about 50 tonnes of old gold. Due to this, the supply in the domestic market has suddenly increased, due to which the prices have fallen. The US Federal Reserve is also being held responsible for the fall in gold prices. Investors fear that instead of cutting interest rates, the Fed may keep them high for a longer period of time. Since there is no interest or dividend on gold, people are shifting their investments from gold to government bonds; Due to this the demand for gold has reduced. At the same time, the US dollar index is continuously strengthening; Due to the strengthening of the dollar, buying gold becomes expensive compared to other currencies in the international markets, due to which its demand decreases.