NEW DELHI, NOV 11 (IANS) — Domestic prices of gold slipped to INR 77,000 per 10 grams on Monday due to poor demand after the festive season ended.
According to the Indian Bullion Jewelers Association (IBJA), the prices of 24-carat gold have slipped to INR 77,030 per 10 grams. The rate of 22-carat gold is INR 75,180 per 10 grams and the price of 20-carat gold is INR 68,550 per 10 grams.
The price of 18-carat gold is INR 62,390 per 10 grams and the price of 14-carat gold is INR 49,680 per 10 grams.
Gold prices continue to fall after the sharp rise in October. The price of gold reached this month's lowest level of INR 76,980 per 10 grams on November 6. The fall in prices is attributed to the continuous decline in demand after the festive season.
During the festive season, the price of 24-carat gold reached a high of INR 81,500 per 10 grams on October 23.
Along with spot, there has also been a decline in the price of gold futures. The December contract price of gold on MCX is INR 76,795 per 10 grams.
Gold prices continue to fall in domestic as well as global markets. According to the World Gold Council, the global price of gold is $2,669 per ounce. Earlier on Friday, the gold rate was $ 2,647 per ounce.
The fall in gold prices at the international level is being attributed to less uncertainty due to the election results in the US and the strengthening of the dollar.
The price of silver is at INR 91,310 per kg. The December futures price of silver on MCX is Rs 90,888 per kg. Globally, the price of silver is at $31.40 per ounce.