Gold may have been losing its glitter as a result of consistent decline in its price but the metal continues to remain the favourite of investors as a safe investment asset. The price of gold registered a major dip in a span of just one week. Gold prices continue to fall since May 10 and the price of 10 grams of 24-carat gold began falling since May 9.
According to Indian Bullion and Jewellers Association, prices of gold on May 9 closed at 51,479/10 grams. The prices witnessed slight improvement on May 10 but it lasted briefly with the prices closing at Rs 51,496 per 10 grams. The prices tumbled further to Rs 51,205 per 10 grams on May 11. On May 12, gold prices closed at Rs 51,118 per 10 grams.
Gold prices witnessed its biggest fall on May 13, 2022 with prices falling by Rs 653 to close at Rs 50,465/10 gram for 24-carat gold. Gold prices fell by Rs 1014 from May 9 to May 13. Similarly, the share market too remained highly volatile with BSE benchmark Sensex closing at 52,793.6 losing 136 points while Nifty lost 25 points to close at 15,785.
During such a time when Markets continue to remain weak, investors try to find safe investment options. Despite witnessing a decline in its prices, Gold still remain a safe and secure investment option for investors. It is because when you buy gold it can potentially work as a strong hedge against inflation, market volatility, and deflation. Gold can also be a great portfolio diversifier.
Investors prefer to keep a strong track on the prices of the yellow metal. Let us find out where the prices of gold remain cheapest when compared to India:
Dubai: The country has become one of the best places to purchase the precious metal. Today's gold prices in Dubai is less than today's gold prices in India. The prices of 24-carat of gold is 2,195.00 Dirham per 10 grams or Rs 45,985.00 while the prices of 22-carat of gold remains at 2,062.50 per 10 grams or Rs 43,209.
Saudi Arabia: Prices of gold in Saudi Arabia are also not that high. If you want to buy 10 grams of 24-carat gold in Saudi Arabia, you will have to pay 2,184.30 Riyal per 10 grams or Rs 45,140 while the prices of 22-carat gold will be 2,002.30 Riyal per 10 grams or Rs 41,379.
Hong Kong: You can also purchase gold at low prices in Hong Kong. If you want to purchase 24 carat gold today in the country, you need to pay 4,571.50 Hong Kong Dollar per 10 grams or Rs 45,120 while the prices of gold for 22 carat Gold remains at 4,190.50 per 10 grams or Rs 41,360.
Switzerland: The prices of gold are not that high in Switzerland when compared to India. If you are keen to buy 10 grams of gold in Switzerland, you just need to pay only 583.30 Swiss Franc per 10 grams of 24-carat gold or Rs 45095 while you need to pay just 534.70 Swiss Franc/ 10 grams for 22-carat gold or Rs 41,338.