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Gold Price Decline Following Appreciation In Rupee, Demand Upbeat
Even though prices globally are hitting a two-week high, buoyed by weaker dollar on global economic outlook concerns as well as interest rate trend in the US, the appreciation in rupee has made the purchase of the metal cheaper overseas.
In the domestic markets gold is trading at its lowest price since October 1 due to rupee as well as increased demand in lieu of the wedding and festive season demand.
In comparison to last week, dealers now are charging a premium of $2 per ounce. The domestic price of gold also includes 10% import duty on the metal.
And given the decent demand for the yellow metal during festivities dealers are now re-stocking their inventory.
The demand has also seen a pull-back due to a decline in prices of gold.
While 22K gold is priced at Rs. 30,400 per 10 gm, 24 K is available for Rs. 32,250 per 10 gm.
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