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The price of gold is continuously falling, its prices are falling rapidly in the international market as well as in the domestic market. Since the victory of Donald Trump in the US Presidential elections, the dollar has been rising and this has had a direct impact on the prices of gold. Due to this, this week has proved to be the worst week for gold in the last 3 years. Today on November 16, the price of 22 carat gold in the country is ₹ 69,460 per 10 grams and the price of 24 carat gold is ₹ 75,770 per 10 grams.
Gold rate in different cities of the country
- Gold Price in Ahmedabad: 22 carat gold price in Ahmedabad is Rs 69,510 per 10 grams and 24 carat gold price is Rs 75,820 per 10 grams.
- Gold Price in Surat: 22 carat gold price in Surat is Rs 69,510 per 10 grams and 24 carat gold price is Rs 75,820 per 10 grams.
- Gold Price in Vadodara: 22 carat gold price in Vadodara is Rs 69,510 per 10 grams and 24 carat gold price is Rs 75,820 per 10 grams.
- Gold Price in Rajkot: 22 carat gold price in Rajkot is ₹69,510 per 10 grams and 24 carat gold price is ₹75,820 per 10 grams.
- Gold Price in Delhi: The price of 22 carat gold in Delhi is Rs 69,610 per 10 grams and the price of 24 carat gold is Rs 75,920 per 10 grams.
- Gold Price in Mumbai: 22 carat gold price in Mumbai is Rs 69,460 per 10 grams and 24 carat gold price is Rs 75,770 per 10 grams.
- Gold Price in Kolkata: 22 carat gold price in Kolkata is Rs 69,460 per 10 grams and 24 carat gold price is Rs 75,770 per 10 grams.
- Gold Price in Bengaluru: 22 carat gold price in Bengaluru is Rs 69,460 per 10 grams and 24 carat gold price is Rs 75,770 per 10 grams.
- Gold Price in Hyderabad: The price of 22 carat gold in Hyderabad is ₹69,460 per 10 grams and the price of 24 carat gold is ₹75,770 per 10 grams.
- Gold Price in Chennai: 22 carat gold price in Chennai is ₹69,460 per 10 grams and 24 carat gold price is ₹75,770 per 10 grams.
Gold became so cheap in a week!
This week proved to be the worst for gold prices in 3 years. On Multi Commodity Exchange (MCX) last week, on Friday, November 8, the futures price of gold with expiry of December 5 was Rs 77,272 per 10 grams, but on Friday, November 15, it fell to Rs 15 per 10 grams. ₹73,946 per 10 grams. 10 grams. Accordingly, the price of gold increased by Rs 200 in a week. A huge decrease of 3,326 has been recorded.
It is noteworthy that this price of gold in the domestic market does not include 3 percent GST and making charge. Making charges vary and due to this the price of gold fluctuates in different cities of the country. Let us tell you that this year there has been a big fluctuation in the price of gold. It fell to Rs 67,000 after customs duty on gold and silver was reduced following the first budget of Modi 3.0 (Union Budget 2024), while gold prices hit an all-time high for the second month. Now it has decreased again.
Main reasons for gold becoming cheap
The main reason for the fall in gold prices is the strengthening of the US dollar. Despite this, spot gold prices edged up marginally to $2,569.69 an ounce, a marginal rise of 0.1% after five consecutive sessions of decline. Let us tell you that after the election victory of Donald Trump, the US dollar is continuously increasing, due to which the demand for gold as a safe investment is decreasing. In view of the Fed rate cut and the strengthening of the dollar, investors are now looking for options.
As far as other factors are concerned, inflation data in the US and signs of possible easing of inflation control by the US Fed are helping ease the pressure on gold rates. Apart from this, the rate of cryptocurrencies like Bitcoin has increased rapidly and has reached $93,000. In such a situation, it has attracted investors. Rahul Kalantri, vice president of commodities at Mehta Equities, says the weakness in gold rates can be attributed to the strong US dollar along with increased investor interest in cryptocurrencies.