This week, the price of gold experienced a decline following a period of continuous growth. Despite recent fluctuations, gold prices remain above the Rs 61,000 per 10-gram mark. The week ended on Friday, May 12 with the closing price of Rs 61,037 per 10 grams in the trading market.
On the final trading day of last week, Friday, May 5, 2023, the price of gold concluded at Rs 61,739 per 10 grams. Gold prices experienced fluctuations over the course of the week.
What was the price of gold like over the course of the week?
On Monday, the first trading day of the week, the price of gold closed at Rs 61,108 per 10 grams, as per IBJA Rates. On Tuesday, the prices experienced a slight increase and subsequently reached Rs 61,370 per 10. Gold prices closed at Rs 61,430 per 10 grams on Wednesday.
On Thursday, the closing rate of gold was recorded at Rs 61,539. On Friday, the market witnessed a decline in prices, with the closing rate being recorded at Rs 61,037. Fluctuations in prices were observed throughout the week.
What is the current price of gold?
On the last trading day of last week, gold prices had concluded at Rs 61,739. Gold prices have witnessed a significant decline this week, with a decrease of Rs 702 per 10 grams. Gold prices hit a record high of Rs 61,539 per 10 grams on Thursday, only to drop to a low of Rs 61,037 per 10 grams on Friday.
The current rate for 24 carat gold is yet to be determined.
On May 12, 2023, the Indian Bullion and Jewellers Association (IBJA) reported that the highest recorded price for 24 carat gold was Rs 61,037. The current market reports indicate that the price of 22 carat gold stands at Rs 60,793 per 10 grams. Gold rates have been calculated exclusive of taxes across all categories.
Gold attracts separate GST charges, as per regulations. In addition, a making charge is applied to the jewellery. According to the Indian Bullion Jewellers Association, the prices of gold with varying levels of purity have been released, providing valuable insight into the standard pricing of the precious metal.
The question at hand is what caused the rise in gold prices?
Fears of an economic recession have been stoked by the US banking crisis. The financial state of banks in America is reportedly in a state of ongoing decline. Amidst the circumstances, the value of gold has surged.
Gold is often regarded as a harbinger of trouble. Central banks worldwide have been purchasing gold in significant amounts. There has been no significant surge in gold investment in either scenario. The decline in stock markets has provided additional backing to gold prices.