Just before the festive season and Rakshabandhan, if you too are thinking of buying or investing in gold jewellery, then there is relief news for you. On August 26, a decline in gold prices was recorded in the bullion market. Although this decline is minor, it will still bring a smile on the faces of customers during the festival shopping. In the bullion market today, a slight decline of only Rs 60 per 10 grams of gold was seen. After this fall, the price of 24 carat gold in the market has reached Rs 1,62,140 per 10 grams, while the rate of 22 carat gold has been recorded at Rs 1,48,520 per 10 grams. Let us tell you that yesterday the price of gold had closed at Rs 1.62 lakh.
What is the condition of gold in major cities of the country?
Today in the country's capital Delhi, the price of 24 carat gold is trading at Rs 1,62,140 per 10 grams. Whereas, if we talk about 22 carat gold, its price in Delhi was Rs 1,48,520 per 10 grams.
Talking about Patna, the capital of Bihar, the price of 24 carat gold has decreased by Rs 63, after which its price was recorded at Rs 1,62,117 per 10 grams. In Patna, the price of 22 carat gold today was Rs 1.48 lakh per 10 grams.
The price of 24 carat gold in Mumbai remains at Rs 1,62,050 per 10 grams. Here a decline of Rs 70 per 10 grams was seen in the price of gold. Whereas in Mumbai the rate of 22 carat gold today was Rs 1.48 lakh per 10 grams.
Even in Lucknow, the capital of Uttar Pradesh, the attitude of gold has weakened a bit. In Lucknow, the price of gold has decreased by Rs 70 to Rs 1,60,205 per 10 grams. Apart from this, the price of 22 carat gold has been recorded at Rs 1,48,000 per 10 grams.
Why are gold prices falling?
The biggest reason behind this fall in gold prices is believed to be the strengthening of the US dollar in the international market. Whenever the dollar strengthens, it becomes expensive to buy gold in the currencies of other countries. Due to this, there is pressure on the demand for gold in the global market and a softening of prices is seen.
Apart from this, the increase in American bond yields has also become a main reason for the fall in gold prices. Due to increase in the yield of 10-year and 30-year bonds of America, the attention of investors increases towards fixed interest paying options like bonds. Amid concerns about America's rising debt and inflation, buying and selling of long-term bonds has had a direct impact on gold. Besides, the ongoing tension between Iran and America and the changing prices of crude oil in the international market are also playing a big role in determining the movement of gold.