Gold prices downfall
Gold prices have declined today. Gold prices have fallen by Rs 115 per bullion today as demand from local jewelers is slowing down. The gold price of 10 grams was Rs 32,285 in today’s market. Gold and silver prices also slumped by Rs 100 each to Rs 41,300 per kg. Market traders said silver prices also fell as demand from industrial units and coin makers declined.
Bullion traders say that high prices are hurting local jewelers and retailers. Globally, gold prices rose by 0.2 percent to $ 1,320 an ounce, while domestic prices declined. The gold in the national capital was 99.9 per cent and 99.5 per cent purity 10 grams of gold was Rs 32,285 and Rs 32,135 respectively. The rating agency estimates that there is a 2-4 per cent decline in demand for domestic jewelery this year with high prices. Gold prices have continued to rise in the last three months, “ICRA Vice President K Sri Kumar said. In recent years, the germ and jewelery sector has also been raised in the field of financing.