Gold prices are falling at record levels. From the maximum level of Rs. 2000 and fell below Rs.56 thousand. This is a good news for the buyers of Pasidi jewellery.
First Published Feb 17, 2023, 8:42 PM IST
Gold prices are falling heavily. Gold prices fell below Rs 56,000 on Friday. Earlier on Thursday, gold prices touched a one-month low. Gold price of 10 grams closed at Rs.56,235 in the last trading session. It fell by Rs 285 to Rs 55,950 per gram on Friday. The main reason for the fall in prices is the changing international conditions.
Why are gold prices falling?
In Delhi, spot gold prices fell by Rs 285 to Rs 55,950 per 10 grams. The main reason for this is weak global demand. The decline in gold prices was also reflected in silver prices. Silver price fell by Rs 620 to Rs 65,005 per kg on Friday.
In the international market, gold prices were trading at $1,821 per ounce and silver at $21.29 per ounce. Experts say the decline was due to better-than-expected US economic data and comments from Federal Reserve officials, which weighed on gold prices.
According to jewelery expert Colleen Shaw, the reason behind the immediate fall in the price of gold is the US economic data. The PPI key indicator of inflation saw a rise in January. This raised the concerns of the Fed Reserve. In such a situation, the Fed Reserve is likely to raise interest rates to control inflation.
Apart from this, due to the economic data, the dollar reached the level of 104 in the dollar index. Buying gold in such conditions is expensive. A strong dollar and rising interest rates reduce interest in investing in gold. However, looking ahead to next year, experts say that gold prices will rise as inflation eases.
Internationally, the current strong dollar is also a reason for the decrease in gold prices, if this trend continues, the price of 24 carat pure 10 grams of gold will be Rs. Experts estimate that it is likely to fall below 55,000. Moreover, it is expected that gold prices will decrease further in the future, but the situation is very bad internationally, experts say that anything can happen in the gold market. But it is said that whenever the price of gold falls, a small amount should be bought, otherwise it will be impossible to buy in the future.
Last Updated Feb 17, 2023, 8:42 PM IST