Gold price declined by 3%, see latest rate! Gold Price Today – Variousinfo

Gold has always been an important part of Indian culture and economy. People not only wear it as jewellery, but also see it as a safe investment option. Fluctuations in the price of gold have been seen in 2024. Gold prices have fallen by about 3% recently, causing a wave of concern among investors and buyers.

In this article we will discuss in detail the latest price of gold in 2024, reasons for its decline and possible future trends. We will also know how this decline can affect the common people and the economy. Whether you are an investor or a gold lover, this information can prove to be very useful for you.

Gold price 2024: at a glance

Take a look at the following table to understand the current gold prices and recent trends:

Due to fall in gold price

There are many reasons behind this fall in gold prices:

1. Strengthening US Dollar: When the dollar strengthens, gold prices fall. Recently the dollar has strengthened.
2. Increase in interest rates: The demand for gold has reduced due to increase in interest rates by central banks.
3. Improvement in the global economy: The improvement in the economy after Covid-19 has attracted investors towards riskier investment options.
4. Reduction in geopolitical tension: Due to reduction in global tension, the demand for gold as a safe investment has decreased.
5. Increasing trend of artificial jewellery: The demand for gold has been affected by the availability of cheaper alternatives.

Gold prices in major cities

There is a slight difference in the price of gold in different cities of India. Here are the latest rates from some major cities:

• Mumbai: 24 carat – ₹77,450 per 10 grams, 22 carat – ₹71,000 per 10 grams
• Delhi: 24 carat – ₹77,600 per 10 grams, 22 carat – ₹71,150 per 10 grams
• Chennai: 24 carat – ₹77,340 per 10 grams, 22 carat – ₹70,890 per 10 grams
• Bengaluru: 24 carat – ₹77,500 per 10 grams, 22 carat – ₹71,050 per 10 grams
• Hyderabad: 24 carat – ₹77,450 per 10 grams, 22 carat – ₹71,000 per 10 grams

Effect of gold price on economy

The fall in gold prices impacts various sectors of the economy:

1. Jewelery Industry: Reduction in prices may increase the demand for jewelery, which may benefit this industry.
2. Investment: Those investing in gold may suffer short-term losses, but this can be a good opportunity for new investors.
3. Foreign exchange reserves: The value of the government’s gold reserves may decline.
4. Import Bill: There will be less expenditure on gold imports, which may improve the trade deficit.
5. Banking Sector: Demand for loans based on gold may be affected.

Gold Rate Forecast 2024

It is difficult to predict how the price of gold will be in the future. However, some experts believe that:

• Gold prices may reach ₹80,000 per 10 grams by the end of the year.
• Demand for gold may remain high due to global uncertainty.
• The policies of central banks will affect the price of gold.
• Prices may rise due to increase in demand during the festive season.

Investing in Gold: What to do, what not to do

If you are thinking of investing in gold, keep these things in mind:

What to do:

• View gold as a long-term investment.
• Invest only 10-15% of your portfolio in gold.
• Consider options like gold ETFs or sovereign gold bonds.
• Always check authenticity before purchasing.

What not to do:

• Don’t invest in a hurry just because the price falls.
• Do not buy more gold than you need.
• Do not invest in gold without any plan.
• Don’t be troubled by the daily fluctuations in the price of gold.

Gold Options: Other Investment Options

Apart from gold, there are many other investment options that you can consider:

1. Mutual Funds: There are different types of funds available which can suit your risk profile.
2. Stock Market: Can give good returns in the long run, but the risk is also high.
3. Fixed Deposit: A low-risk and stable income option.
4. Real Estate: Can be a good investment in the long term.
5. Government Bonds: Safe investment option that provides regular income.

Importance of gold in Indian economy

Gold has special importance in India:

• Cultural significance: Gold has a special place in weddings and festivals.
• Investment instrument: Many people consider gold as a safe investment.
• Economic Indicators: Gold prices reflect the state of the economy.
• Foreign exchange reserves: RBI holds a large amount of gold.
• Employment Generation: The jewelery industry provides employment to lakhs of people.

Ways to buy gold

There are several ways to buy gold:

1. Physical Gold: In the form of jewelery or coins.
2. Digital Gold: Can be bought on online platforms.
3. Gold ETFs: Can be bought on stock exchanges.
4. Sovereign Gold Bonds: Are issued by the government.
5. Gold Mutual Funds: Funds that invest in gold.

Factors affecting gold prices

Gold prices are influenced by many factors:

• state of the global economy
• inflation rate
• interest rates
• dollar strength or weakness
• geopolitical events
• policies of central banks
• Seasonal demand (festival, wedding etc.)

conclusion

The 3% fall in gold prices may be a matter of concern, but it can also be an opportunity for investors. It is normal for gold prices to fluctuate and its value is likely to increase over the long term. Investors should look at gold as an option to diversify their portfolio and reduce risk.

Disclaimer:

This article is for informational purposes only. The information and data contained herein has been collected from various sources and may change over time. Gold prices are natural to fluctuate and it is not possible to predict the future value accurately. Please consult a financial advisor before taking any investment decision. The author or publisher will not be responsible for any financial loss.