Gold prices in India declined marginally this week and has now hit multi-week lows as investors continue to chase risky assets. Gold for 22 karats in some cities like Mumbai have now declined to levels we have not seen since the beginning of 2017. At Rs 27,100 for 10 grams, gold in Mumbai has dropped sharply.
In Bangalore 22 karats gold was trading at just Rs 26,500 per 10 grams, from levels of Rs 27,500 per 10 grams seen a few months ago.
Globally and in India investors are now chasing stocks and dumping gold. There are worries that the US Fed would hike interest rates, which is also putting pressure on gold. However, jewellers in various cities believe that should prices drop further we could see further for the precious metal emerging at lower levels.
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