Chennai, First Published Jul 15, 2022, 10:12 AM IST
The price of gold has been fluctuating wildly. Gold has fallen for the last 4 days and today has fallen again after rising yesterday.
As of this morning in Chennai, gold prices fell by Rs 40 per gram and Rs 320 per gram.
In Chennai, the price of 22 carat jewelery gold was sold at Rs 4,676 per gram and sawan at Rs 37,408 as on yesterday evening. As of this morning, 22 carat gold prices in Chennai fell by Rs 40 per gram to Rs 4,636 and Savaran fell by Rs 320 to Rs 37,088 per gram.
In Coimbatore, Trichy and Vellore, gold is selling at Rs.4635 per gram.
Gold prices rose for the 4th consecutive day yesterday. It has fallen again today. There is a sharp fluctuation in the price of gold. In the last two weeks alone, the price of gold has fallen to Rs 2 thousand per bushel.
Will the price drop further?
Inflation in the US has risen to a 41-year low of 9.1 percent. The country’s Federal Bank has already raised interest rates twice to control rising inflation, and is expected to raise interest rates by up to 100 basis points again at the end of this month.
Perhaps if interest rates are raised, the dollar will strengthen further and the value of various national currencies will also come under pressure. Thus, investors will turn their attention to investing in dollars, believing that it is safer and will earn higher interest than investing in gold.
Not only that, when the value of the dollar increases, many countries will be forced to reduce the import of gold purchased in dollars. Due to this, the international demand for gold, investment will decrease and the price may decrease further in the coming days, according to market experts.
In order to control the import of gold, the central government has increased the import duty on gold from 7.5 percent to 15 percent, which may be a factor in the decrease in gold prices.
Silver price has dropped dramatically today. Silver fell by 1.90 paise to Rs 60.40 per gram. Silver fell by Rs 1,900 to Rs 60,400 per kg.
Last Updated Jul 15, 2022, 10:24 AM IST