gold gets cheaper
There has been a fall in the price of gold on Wednesday. On May 11, there is a fall in the price of gold and silver in the bullion markets. Today, the price of 24 carat purity gold has fallen by Rs 451 per 10 grams to Rs 51045 per 10 grams. While silver saw a fall of Rs 740 and the price of silver has reached Rs 60733 per kg.
Gold at three-month low
While gold has become cheaper by Rs 5081 from its all-time high price, at present the price of gold has reached its three-month low. Gold had reached close to 56 thousand in March 2022, while currently the price of gold has reached near 51 thousand. That is, gold has become cheaper by Rs 5081 per 10 grams from its all-time high price. Whereas the price of silver is cheaper by Rs 15267 per kg than the highest rate.
24 karat to 14 karat gold rate
According to the spot rate of gold released by the India Bullion Association, the price of 24-carat gold with GST was Rs 52576 per 10 grams, while 23 carat gold was priced at Rs 50841 per 10 grams in bullion markets today. At the same time, the price of 22 carat gold was Rs 46575 and 18 carat gold reached Rs 39432 per 10 grams with 3 percent GST.
Gold will shine due to these five reasons
Now is a good time to invest in gold. According to market experts, the price of gold is going to return in the coming days. Gold is considered the safest investment. If we look at the figures, this year only in the last 4 months, gold has given a return of 7 percent. The price of gold continues to fluctuate due to many reasons. Retail inflation in the country has crossed 14 per cent. Due to the rise in inflation rate, the price of gold remains bullish for most of the time. That is, the price of gold is expected to rise in the coming days.
gold will be expensive
RBI has increased the repo rate by 40 basis points. Loans are becoming expensive due to increase in interest rates, due to which people avoid taking loans and there is a possibility of slowing down the economic growth and this affects the price of gold.
If we talk about the global level, then the global price of gold is decided in dollars. The rise in gold prices is expected due to higher crude oil prices and the strengthening of the dollar.
On the other hand, due to supply chain disruption and global economic slowdown, the price of gold may see a rise. Apart from this, due to the war between Russia and Ukraine, its impact on the global economy is being seen. Due to this, an increase in the price of gold can be seen.