If you are also thinking of buying or investing in gold jewelery during the festive season, then there is good news for you. Just before Rakshabandhan, the continuous rise in gold price in the Indian bullion market has come to a halt. Today, on August 25, a slight decline was recorded in the price of gold. There was a slight decline of Rs 52 per 10 grams in the market, after which the price of 24 carat gold has come down to Rs 1,62,910 per 10 grams. At the same time, the rate of 22 carat gold was recorded at Rs 1,49,220 per 10 grams. In the last one week, there was a sharp rise in the price of gold by about Rs 8,000 and yesterday it closed at Rs 1.63 lakh.
What is the price of gold today in major cities?
Slight softening in gold prices was seen today in different parts of the country:
- Delhi: In the country's capital Delhi, the price of 24 carat gold is Rs 1,62,910 per 10 grams, while the price of 22 carat gold remains at Rs 1,49,220 per 10 grams.
- Patna: In Bihar's capital Patna, 24 carat gold has become cheaper by Rs 40 to Rs 1,63,030 per 10 grams. Here the price of 22 carat gold was recorded at Rs 1,49,340 per 10 grams.
- Mumbai: In the financial capital Mumbai, the price of 24 carat gold has fallen by Rs 50, after which it is being sold at Rs 1,63,090 per 10 grams. The rate of 22 carat gold here is Rs 1,49,390.
- Lucknow: In Lucknow, the capital of Uttar Pradesh, the price of 24 carat gold has decreased by Rs 50 to Rs 1,64,230 per 10 grams. Whereas the price of 22 carat gold was recorded at Rs 1,50,440 per 10 grams.
Why did gold prices fall?
The biggest reason for this slowdown in gold prices is the strengthening of the US dollar at the international level. The dollar index has registered an increase for the third consecutive day. Since the rate of gold in the global market is fixed in dollars, when the dollar strengthens, it becomes expensive to buy gold in the currencies of other countries, which affects its demand.
Apart from this, the rise in US bond yields has also affected the bullion market. Due to rising yields on US 10-year and 30-year bonds, investors are turning to safer interest-bearing options like bonds. Amid concerns about inflation and America's rising debt, investors have bought and sold bonds extensively.
Impact of crude oil and Iran-America tension
International tension and crude oil prices also have a big role in the movement of gold. America has increased pressure on Iran and its trading partners, which Iran is continuously opposing. On the other hand, crude oil has increased by about 1 percent in the international market and has reached $ 93 per barrel. Due to the rise in oil prices, the fear of increasing inflation at the global level has deepened, which may affect interest rates and demand for gold in the coming time.