Gold Rates Plunge Dramatically: 24K Prices Dip by ₹15000 in One Week
Gold prices have plummeted by ₹15000 over the last three days in India, with 24-carat gold falling from ₹158,466 per 10 grams to ₹158,399. The conflict involving Iran, Israel, and the US is believed to have played a significant role.
Highlights
- •Gold prices in India saw a substantial drop over just three days, down ₹15,000 for 24-carat gold varieties.
- •Prices varied by regions such as Delhi (₹160,830), Mumbai (₹160,680), and Jaipur (₹160,830).
- •The ongoing conflict between Iran, Israel, and the US is likely contributing to this price volatility.
- •Investors are expressing concern over these significant fluctuations in gold prices.
The gold market witnessed a significant dip over the last three days with silver prices plummeting by ₹15,000. The ongoing conflict involving Iran, Israel, and the US is believed to have influenced these fluctuations.
On the Multi Commodity Exchange (MCX), gold futures fell slightly by 0.04% on Thursday, settling at ₹158,400 per 10 grams compared to ₹158,466 on Wednesday. The Indian Bullion and Jewellers Association reported that price for 24-carat gold was recorded at ₹158,399 per 10 grams.
While prices varied by location, in Delhi, the price of 24-carat gold is currently ₹160,830 per 10 grams and the rate for 22-carat gold is ₹147,440. In Mumbai, both varieties are priced at ₹160,680. For Jaipur, the price of 24-carat gold dips to ₹160,830 with a corresponding 22-carat price of ₹147,440.
These fluctuations in prices have sent shockwaves through the market, raising concerns among investors and jewellers alike. The sustained volatility underscores the ongoing uncertainty surrounding global economies and geopolitical tensions impacting precious metal markets.
In essence, this news provides an insider’s look into how external factors such as conflict continue to significantly influence gold price stability in India.
