Gold prices in India continued to decline massively for second straight day. Globally, yellow metal pulled back after rallying to three-week high last week. Among reasons for appetite in gold to dampen would be the ceasefire talks between Israel and Hezbollah, as per media reports. Also, the dollar index surged sharply after Donald Trump announced a huge tariff on all imports from neighbouring countries and an additional 10% on Chinese goods. Amidst this, there is one country in the Middle East which witnessed an even worse fall than gold prices in India on Tuesday. It is neither Saudi Arabia nor the United Arab Emirates as gold prices here are steady on November 26. Then who? Let's find out whether the price in this Middle Eastern country is cheaper than in India.
Gold Prices In Bahrain:
Bahrain, officially the Kingdom of Bahrain, is an island country in West Asia which is situated in the Persian Gulf. On November 26, 24K gold prices in this country nosedived by Rs 20,109 to Rs 7,12,758 in 100 grams, while price was down by Rs 2,011 in 10 grams to Rs 2,011. In the local currently, 100 grams and 10 grams of 24K gold are available at BHD3,190 and BHD319 respectively.
Further, the 22K gold price fell by Rs 17,875 in 100 grams to Rs 6,70,305, and that of 10 grams of gold plunged by Rs 1,787 to Rs 67,030 on Tuesday. In the local currency, 22K of 100 grams and 10 grams is priced at BHD 3,000 and BHD 300 respectively.
Gold Prices In India:
Compared to Bahrain, the decline in gold prices in India was slightly less. However, gold prices in India continue to be more expensive than compared to gold prices in Bahrain.
24K gold price in India tumbled by Rs 13,100 to Rs 7,72,400 in 100 grams, and that of 10 grams of gold is down by Rs 1,310 to Rs 77,240. Further, 22K gold price shed Rs 12,000 in 100 grams to Rs 7,08,000, while 10 grams of gold is lower by Rs 1,200 to Rs 70,800.
Additionally, gold prices in India in 18k also declined by Rs 9,800 to Rs 5,79,300 in 100 grams, and fall of Rs 980 in 10 grams gold to Rs 57,930.
Spot Gold:
As per Trading Economics, gold hovered around $2,620 per ounce on Tuesday after slumping 3.4% in the previous session as reports that Israel and Hezbollah are nearing a ceasefire agreement lowered demand for safe-haven assets. The precious metal was also hit by a rising US dollar after President-elect Donald Trump announced plans to impose a 25% tariff on all imports from Mexico and Canada starting his first day in office, along with an additional 10% tariff on goods from China.
Further, Trading Economics data highlighted that impacting gold prices was the nomination of Scott Bessent as Treasury Secretary in the incoming administration. Bessent advocated a phased introduction of trade restrictions and signalled willingness to negotiate tariff levels supported by the incoming president. Investors are now turning their attention to the Federal Reserve's November meeting minutes, due later in the day, which could provide crucial insights into the central bank's monetary policy direction.
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