Today, there seems to be a slight break in the continuous explosive rise of gold. On Tuesday, the second day of the week, there was a slight softening in the prices of gold and it became cheaper by Rs 58. Earlier, a rise in the price of gold was recorded on the first day of the week i.e. Monday.
Today, with a fall of Rs 54, the price of 24 carat 10 gram gold has come to Rs 1,55,210. Whereas in the bullion market the rate of 22 carat gold remains at Rs 1,42,170 per 10 grams. It is noteworthy that yesterday the price of gold closed at Rs 1,54,700 with an increase of Rs 116. If you are also planning to buy gold jewelery or invest in it, then definitely know the latest price of your city today.
Today's gold rate in major cities of the country
country's capital Delhi In India, the price of 24 carat gold has been recorded at Rs 1,55,210 per 10 grams. Whereas the price of 22 carat gold was Rs 1,42,170 per 10 grams.
capital of bihar Patna In India, 24 carat gold remained at the level of Rs 1,55,220 per 10 grams, where today its price has decreased by Rs 14. Today in Patna, the price of 22 carat gold was recorded at Rs 1,42,000 per 10 grams.
economic capital Mumbai Talking about, the price of 24 carat gold here remains at Rs 1,55,380 per 10 grams. In Mumbai today gold fell by Rs 56, while the 22 carat gold rate here stood at Rs 1,42,300.
capital of uttar pradesh Lucknow Gold's attitude seemed a little different. In Lucknow, the price of 24 carat gold reached Rs 1,56,590 per 10 grams. Here today an increase of Rs 45 was recorded in the price of gold, while the price of 22 carat gold was Rs 1,43,430 per 10 grams.
Know why gold prices fell today?
1. Rising crude oil prices and fear of inflation:
The biggest reason behind this softening of gold prices is believed to be the rising prices of crude oil in the international market and profit booking by investors. Brent crude has currently reached above $91 per barrel. Due to oil becoming expensive, the concern of increasing inflation at the global level has deepened, due to which investors are feeling that central banks around the world may adopt strict monetary policies instead of cutting interest rates.
2. US Federal Reserve's interest rates concerns:
The second major reason for the decline is the increasing uncertainty regarding the interest rates of the US Federal Reserve. If the Fed keeps interest rates high due to inflationary pressure or hints at increasing them, then assets like gold come under pressure. This is because gold does not provide any interest or returns, whereas in a high interest rate environment, investors find interest-yielding safe assets more attractive.
3. Profit Booking by Investors:
Apart from this, after the recent tremendous rise in gold, investors have started making profits. Investors who had bought gold at lower levels are now selling it taking advantage of this higher price. Due to increased selling in the market, there has been pressure on gold prices. At present, investors' eyes are fixed on the upcoming decisions of the US Fed and the geopolitical situation in the Middle East.