Gold Price: Investors expect that the US Federal Reserve may again announce a hike in the policy rate following its meeting.
Gold-Silver Price Today: People are focused on gold’s price after the record-breaking sale of gold during Diwali. After dropping 1.3 percent the day before, gold prices on the international market were unchanged on Monday, October 31. The US Federal Reserve is expected by investors to once more announce a rise in the policy rate. The sale of jewelry for Dhanteras and Diwali totaled Rs. 25,000 crores.
There may be a decline of a quarter,
Following this, a fall in the price of gold is observed. The World Gold Council (WGC) estimates that the country’s gold consumption may decrease by around 25% from October to December compared to the same period last year. The demand for gold in rural regions may decline if inflation remains high. Let us inform you that India is the world’s second-largest consumer of gold, trailing only China.
Gold had crossed 52,000,
The price of gold will certainly change as a result of the decrease in sales. Gold reached its lowest point in two years on the previous day. But afterward, it picked up speed. Gold’s market price dropped to Rs 50,480 on October 31, 2022, according to the information posted on the India Bullion and Jewelers Association (IBJA) website. whereas gold had surpassed 52,000 at the beginning of the month. However, silver prices increased by Rs 438 per kg to Rs 58116 per kg.
According to Somasundaram, the regional CEO of WGC’s India business, the demand for
gold is projected to decrease as a result of the record-high levels of inflation. In September, India’s annual inflation rate exceeded 7%. The demand for gold in India’s rural areas makes up two-thirds of the total.
Additionally, according to the rate announced by the bullion market on Monday evening, 10 grams of 24-carat gold cost Rs 50480, 10 grams of 23-carat gold cost Rs 50278, 10 grams of 22-carat gold cost Rs 46240, and 10 grams of 18-carat gold cost Rs 37860. Silver’s price increased at the same time, reaching Rs. 57350 per kg.
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