Gold prices have sunk for a record low in two years, breaching the 29 months record and has traded below the Rs. 27,100/- per 10gms. Globally the prices of Gold have sunk due to the Cyprus issue.
The prices of the precious metal have seen a retraction after an uptrend for a long duration. The futures contract prices of Gold fell nearly 3% (by Rs.825/-) in the MCX at an one-year low of Rs 27,100 per ten grams.
On Saturday, the prices had seen a massive fall of Rs 1,250 per ten grams to hit a low of Rs 28,350. The new fall on Monday, has further dragged the prices of Gold.
In London, gold has seen a decline of USD 90.70 (-6.14%) to make it available at USD 1,386.30 an ounce. Silver has also seen declines of 10.52 percent to trade at USD 23.13 an ounce.
Spot prices in Indian cities
Following are the spot prices of Gold in various cities of India :
City Gold 995 Gold 999
Mumbai Gold price Rs 26815.00 Rs 26950.00
Delhi Gold price Rs 27600.00 Rs 27800.00
Chennai Gold price Rs 27620.00 Rs 27730.00
Jaipur Gold price Rs 27500.00 Rs 27525.00
Ahmedabad Gold price Rs 26715.00 Rs 26840.00
22 carat Gold Prices
Mumbai 22k Gold price Rs 2575.00 per gram
Delhi 22k Gold price Rs 2582.00 per gram
Chennai 22k Gold price Rs 2509.00 per gram
Jaipur 22k Gold price Rs 2582.00 per gram
Amdbd 22k Gold price Rs 2575.00 per gram
Bangalore 22k Gold price Rs. 2571.00 per gram
Will the Gold prices rise?
India, the largest importer of Gold, has been witnessing the wedding season, which will attract lot of buying in Gold. However the season, which is likely to continue till June, has seen a huge fall to everyone’s surprise. Akshay Tritiya, the auspicious festival on which gold is purchased, will be celebrated on 13th of May this year. It is the second biggest occassion after Dhanteras, in which gold will be sought for.