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Why gold became cheaper by 2200 rupees in two days because of China! Find out what the prices are in your city

Gold prices are falling from New Delhi to New York after China's decision. In India too, the price of gold has seen a drop of more than 2200 rupees. On the other hand, spot gold prices in New York have fallen below $2300 per ounce.
13 Day ago

Gold prices in India are witnessing a decline for the second day in a row. The special thing is that after the decline on Friday and Monday, gold has become cheaper by more than Rs 2200. According to experts, there will be no rise in gold prices in the coming days unless the Federal Reserve cuts interest rates. From New Delhi to New York, China is believed to be the real reason behind the drop in gold prices. In fact, China has put a brake on buying gold after 18 months. Due to which the price of gold is decreasing.

Due to the deteriorating global economic situation, central banks around the world were busy increasing gold reserves. The Reserve Bank of India is also steadily increasing its gold reserves. The effect of which was seen in the price of gold. Gold price in India crossed 75 thousand rupees. Gold prices have seen a fall of over Rs 4,000 from a record high ever since the decision was made towards China. Let us also tell you what has happened to the price of gold from Delhi to New York and what could be the reason for the increase in the price of gold in the coming days?

Gold became cheap

On Friday and Monday, gold prices saw a big fall on the multi-commodity exchange. According to the information, the price of gold has decreased by 2256 rupees in these two days. On Thursday, the price of gold was Rs 73,131 per ten grams. which fell to an intra-day low of Rs.70,751. At 12:40 PM on Monday, gold was Rs. It was trading at Rs 70,880 per ten gram, down by 473. While on Monday, gold opened at Rs.71,149. Gold price on Friday was Rs 71,353 per ten grams.

How much did the prices fall in Delhi?

According to Good Returns, gold prices in the national capital Delhi remained unchanged for the second consecutive day. 22 and 24 carat gold prices saw a big fall after China's statement on June 8. 24 carat gold fell by Rs 208 to Rs 71,820. While the price of 22 carat gold fell by Rs 190 to Rs 65,850 per ten grams. Those prices have remained unchanged ever since. However, since June 1, the price of gold has seen a decline of Rs 880 per ten grams.

Today's gold price of major cities of Gujarat

Ahmedabad- Rs 71,720

Surat -Rs 71670

Vadodara- 71,090

Rajkot-  71,090

How much did gold return in the current year?

If we talk about the current year, till June 7, gold investors have got 2.80 percent return. Gold prices closed at Rs 69,413 per ten gram on the last trading day of last year. Till June 7, the price of gold has seen an increase of Rs 1,940. However, on May 20, the price of gold reached Rs 74,777. Since then, gold investors have been given a return of around 8 percent. Since then, the price of gold has fallen by more than 5 percent. It means that the price of gold has become cheaper by more than 4 thousand rupees from the record level.

What are the prices in foreign markets?

On the other hand, there has been a significant drop in gold prices in foreign markets as well. According to data, gold futures on the Comex market were trading at $2,307.30 an ounce, down about $18 an ounce. At the same time, spot gold is trading down nearly $2 at $2,292.00 an ounce. Gold prices in European markets are rising by more than 10 euros to touch 2,131.96 euros per ounce. At the same time, British markets saw a drop of around 1 pound to 1,802.32 pounds an ounce.

A look at the Fed Reserves

All eyes are now on the Federal Reserve. If the US Federal Reserve cuts interest rates, the dollar index will fall and gold will become expensive. Now the dollar index has come down to 105.38. The special thing is that the dollar index has seen an increase of more than 1 percent in the last 5 days. The dollar index has seen an increase of around 4 percent in the current year. Now the reason for the rise in gold is the fall in interest rates. If any major country declares not to buy gold, gold prices may fall further.

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