Gold Gets Cheaper, Falls By Rs 1200 In 3 Days: Will There Be More Decline?

The price of gold has come down and falling consecutively for the last 3 days. The price of the yellow metal registered a decline of Rs 1200 in just 3 days despite the arrival of festival season. The price of gold has been falling in India as the precious metal price continues to remain steady in global markets.

According to experts, the price of yellow metal may fall till Diwali amid stronger Dollar and prospects of yet another interest rate hike.

Experts state that the surge in the US interest rate and possibility of aggressive stance of Fed may keep gold prices towards the lower end of the range. The present weakness of gold is likely to remain in existence till there is some solid information of the state of economy in leading economies globally.

According to Emkay Wealth Management, "Historically gold has been considered a hedge against inflation, a safe haven during times of uncertainty. But this time the precious metal is trading against the script. Despite the fact that we are witnessing high inflation, and economic uncertainties around the globe, gold has been largely trading range-bound, the trading range has been $1630 and $1740 for the past 1 month. It is currently trading around $1690-1700/oz. It is widely expected that in the near future gold may remain in narrow ranges."

22K gold price today witnessed a decline of Rs 250 at Rs 46,650 per 10 grams in India while 24K gold price in India declined by Rs 270 at Rs 50,890 per 10 grams in the country.

The price of 22K gold witnessed a steep decline of Rs 700 to end at Rs 46,900 per 10 grams while the price of 24K gold saw a dip of Rs 770 to close at Rs 51,160 per 10 grams in India.

22K gold price fell on October 10 by Rs 250 to end at Rs 47,600 per 10 grams and 24K gold price fell by Rs 270 to close at Rs 51,930 per 10 grams.

In the month of October only, 22K gold prices continued to surge for 4 days beginning from October 3 to October 6, 2022 by Rs 1350 while 24K gold price surged by Rs 1470 during this time period.