Gold Prices Suddenley down
Gold and silver prices have been declining since Diwali. This trend is evident worldwide, and gold has been steadily declining in the global bullion market. Looking at gold prices from Dhanteras on October 18th to October 30th, there is a difference of ₹10,370. Experts predict a further 5 to 10 percent decline in gold prices in the coming days. Investors believe the yellow metal is likely near its highest levels and a correction is inevitable.
Speaking of 24-carat gold, the price reached ₹132,780 per tola on October 18th. The rate of 22-carat gold rose to ₹1,21,710 per tola, and the price of 18-carat gold rose to ₹99,590 per tola. On October 30th, the rate of 24-carat gold rose to ₹1,22,410 per tola, 22-carat gold to ₹1,12,210 per 10 grams, and 18-carat gold to ₹91,810 per tola.
Major reasons for the fall in gold prices
- There is a strong possibility of a trade deal between the US and China during the meeting between Trump and Xi Jinping.
- The dollar is strengthening as a safe haven investment.
- America’s positive stance on trade deals with India, Korea and other countries
- Investors are booking profits as gold prices have risen 50% this year.
- Following the US Federal Reserve, Japan and the European Central Bank may also cut interest rates.
- After the end of the festive season, supply has increased compared to demand.
- Those who had invested in gold at low prices are now increasingly turning to selling.
- Lower US interest rates are prompting large investors to turn to bonds.
- The gold buying spree by central banks is also now showing stability.
- The wedding season begins on November 2nd, but those who want to buy jewellery may have already done so.
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