Gold Rate: Decline in Gold Prices in Indian Bullion Market

A decline in gold prices has been observed in the Indian bullion market. On December 19, the rate of 24-carat gold fell by 360 rupees to 134,120 rupees per 10 grams. Similarly, the rate of 22-carat gold decreased by 330 rupees to reach 122,943 rupees.

The changes in gold prices depend on the international spot gold rate, changes in the exchange rate of the dollar, and the import duty on gold. Due to expectations regarding inflation data in the US and the strengthening of the dollar, demand has decreased, causing gold prices to fall from their peak.

Gold is more expensive in India than in Dubai

In India, gold prices are higher compared to Dubai. On December 19, the price of 24-carat gold per tola in India was 134,120 rupees, while in Dubai it was 112,816 rupees. This means gold is 21,304 rupees more expensive in India compared to Dubai. The prices of 22-carat and 18-carat gold are also higher in India than in Dubai.

Gold and silver prices increased over the year

Gold prices have increased by 56,654 rupees over the year. Similarly, silver prices have also increased by 114,319 rupees. Today, the price of silver without GST is 201,120 rupees, and with GST, it is 206,346 rupees per kilogram. Silver prices have increased due to industrial demand. Silver is being used extensively for manufacturing electronics, renewable energy, and solar energy panels.