In India, gold prices took a sharp dip this week. Currently, 24-karat gold is roughly ₹9,513 per gram, and 22-karat gold is priced at ₹8,720 per gram. This massive change comes after the international markets and exchange rates experienced fluctuations throughout the week.
Market analysts provided insights, saying that the price of 24k gold has dropped more than ₹35,000 for every 100 grams within the last five days. On May 15, 22k-priced gold was ₹8610 per gram. This decreased ₹195 compared to the previous day, with 24k also dropping by ₹213, settling down at ₹9393 per gram. 24k gold was recently estimated to be around ₹951,300.
A session of traders told reporters that the downward trend was also attributed to easing negotiations on a global scale, along with shallower inflation data, which made gold less appealing for the time being as a safe asset. Local jewellers also said there had been a slight increase in customers, with some taking this dip as an investment opportunity.
Market experts have suggested that consumers should keep a close eye on gold price updates for this period, as it looks like there’s going to be volatility in this sector. The past few days seem to have taken a correct turn, but the long-term outlook is bullish for gold.
Now that the wedding season is here, jewellers hope that the demand might balance the prices in a few weeks. Nonetheless, investors must be cautious of additional changes influenced by global market conditions.
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