Gold Prices Decline to Rs 77,000 per 10 Grams as Demand Drops Post-Festive Season
Domestic gold prices have slipped to Rs 77,000 per 10 grams on Monday, following a decline in demand after the conclusion of the festive season. According to the Indian Bullion Jewelers Association (IBJA), the price of 24-carat gold stood at Rs 77,030 per 10 grams, while 22-carat gold was priced at Rs 75,180 per 10 grams. The prices for 20-carat and 18-carat gold were recorded at Rs 68,550 and Rs 62,390 per 10 grams, respectively, while 14-carat gold was priced at Rs 49,680 per 10 grams.
Gold prices had surged during the festive season, peaking at Rs 81,500 per 10 grams on October 23. However, since then, they have steadily declined, driven by a sharp reduction in demand after the festivities. The price of gold hit its lowest point this month on November 6, touching Rs 76,980 per 10 grams.
The fall in domestic prices is also reflected in the futures market, with the December gold contract on the Multi Commodity Exchange (MCX) trading at Rs 76,795 per 10 grams.
Internationally, gold prices have continued to decrease. As per the World Gold Council, the global price of gold is currently $2,669 per ounce, a slight increase from Friday’s price of $2,647 per ounce. Experts attribute this decline to a reduction in global uncertainties following the US election results and the strengthening of the US dollar.
Meanwhile, silver prices also experienced a dip, with the price of silver standing at Rs 91,310 per kg domestically. The December futures price of silver on MCX is Rs 90,888 per kg, while the global price is $31.40 per ounce.
Overall, the post-festive slump in demand, coupled with a stronger dollar, has contributed to the ongoing decline in both domestic and global precious metal prices.
