Gold prices, which have been on a roll this year, have seen a first breakdown in the last few days, after a covid-19 vaccine announcement.
Gold at the local jeweller in Bangalore, was down by almost Rs 2,000 at Rs 45,610 per 10 grams on November 26, as against Rs 47,600 per 10 grams seen on November 17.
On the MCX gold for December delivery was relatively stable at Rs 48,622 on November 26, which was up 0.22 per cent over Tuesday's close.
Gold prices have been extremely volatile following reports of a smooth transition for US President elect Joe Biden and hopes of a covid-19 vaccine from multiples sources.
Gold which has been on a run ever since the outbreak of covid-19 has finally been losing momentum. As economic recovery gathers steam, investors see a further fall in gold prices. In India, gold prices have also been falling on account of the strength in the dollar.
Investors who have been waiting on the sidelines to invest in gold, may now find an opportunity to buy into the precious metal.
Here is the price for gold 22 karats in select cities of India
|Mumbai||Rs 49760 per 10 grams|
|Delhi||Rs 47660 per 10 grams|
|Chennai||Rs 46150 per 10 grams|
|Bangalore||Rs 45,610 per 10 grams|
|Hyderabad||Rs 45,610 per 10 grams|
|Kolkata||Rs 50009 per 10 grams|