Gold price dropped to Rs 77,000 per 10 grams at domestic markets on Monday after there was poor demand at the end of the festive season.
According to IBJA, 24-carat gold prices dropped to Rs 77,030 per 10 grams. 22-carat gold price stands at Rs 75,180 per 10 grams and 20-carat gold is available at Rs 68,550 per 10 grams.
The current price of 18-carat gold is Rs 62,390 per 10 grams and 14-carat at Rs 49,680 per 10 grams.
Going downhill since the steep upsurge in October, gold prices make a movement. For November, the lowest price so far touched for the yellow metal is the Rs 76,980 per 10 grams recorded on November 6. The fall is a consequence of steady decline in demand after the festive season.
During festival season, the price of 24-carat gold soared up to Rs 81,500 per 10 grams on October 23.
In spot too, the price of gold has declined. The December contract gold price on MCX is Rs 76,795 per 10 grams.
Gold prices continue to fall in both the domestic as well as the global markets. In the international market, currently, the price of the metal stands at around $2,669 per ounce, as indicated by the World Gold Council. As of a little before Friday evening, it had stood at $2,647 per ounce.
Despite this, at the international level, the election results in the US and the strengthening of the dollar are being termed as the reasons behind the fall in the gold prices.
Price of silver is at Rs 91,310 per kg. December futures price of silver on MCX is at Rs 90,888 per kg. The global price of silver has closed at $31.40 per ounce.
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