The gold price continued its downward trend for the third consecutive session on Thursday, reflecting weak global cues and pressure from a strengthening US dollar. According to GoodReturns.in, the gold price in India saw a sharp decline across all major purity levels, impacting retail buyers and investors.
Sharp Fall in Gold Price in India Across Purity Levels
The gold price for 24 carat gold dropped significantly by ₹2,780 per 10 grams, now standing at ₹1,40,130. Meanwhile, 22 carat gold fell by ₹2,550 per 10 grams to ₹1,28,450, and 18 carat gold declined by ₹2,080 per 10 grams, retailing at ₹1,05,100.
This continuous decline in gold price in India has been attributed to weakening global sentiment and rising expectations of US interest rate hikes.
Gold Rates Across Major Jewellers
Across major jewellery brands, the gold price remained aligned with broader market trends. Kalyan Jewellers quoted 24 carat gold at ₹14,013 per gram, while 22 carat and 18 carat gold were priced at ₹12,845 and ₹10,510 per gram respectively.
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Similarly, Joyalukkas reported nearly identical rates, showing stability in retail pricing even as the overall gold price in India continues to fluctuate in the broader market.
International and Domestic Market Pressure
The gold price is under pressure due to a stronger US dollar and expectations of further monetary tightening by the Federal Reserve. Globally, gold prices have touched a seven-month low amid reduced investor demand.
On the MCX, however, August futures showed a slight recovery, trading marginally higher, indicating some short-term support despite the broader weakness in the gold price in India.
Investor Focus on US Economic Data
Market participants are now closely watching upcoming US inflation data, especially the PCE index, which could influence future interest rate decisions. These global cues are expected to further impact the gold price in India in the coming sessions.
The ongoing decline in the gold price in India highlights the impact of global economic factors, particularly the strength of the US dollar and interest rate expectations. Investors remain cautious as volatility in the gold price in India continues.