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The rate of 24-carat gold per 10 grams, which stood at Rs80,710 on November 1, dropped to Rs75,920 on Saturday. This sharp correction reflects ongoing global economic pressures influencing commodity markets.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, highlighted the factors behind the price drop, stating, "Gold's weakness persisted with prices falling below USD 2,550 and near Rs73,500 on MCX as the dollar climbed above 106.50 and edged closer to 107. The US CPI data, which came in higher at 2.6 per cent compared to the expected 2.4 per cent, fueled the dollar's strength."
This story is from the November 17, 2024 edition of The Business Guardian.
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This story is from the November 17, 2024 edition of The Business Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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