What the US President made a announcement about gold, Gold Rates went to the pitcher. Suddenly gold became cheaper from the domestic market to the international market. On Monday, the futures of gold on MCX have broken more than Rs 1400, while on Tuesday, there has been a decline in gold price. In fact, Donald Trump, while rejecting all the speculation, posted on his trousers social account, it was clear that no tariff on gold will be installed. After this, amidst its fall in its price, experts are calling it a relief decision for Indian buyers as well.
Gold price scattered on MCX
First of all, it is said that about this sudden fall in gold prices reached the sky, let us know that as soon as Trump announced not to put any tariff on gold, then it fell 2.48% to $ 3,404.70 an ounce in the international market. The MCX Gold Price on the Multi Commodity Exchange declined by Rs 1409 on Monday and fell to Rs 1,00,389. Not only this, on Tuesday, this broken and till the news was written, gold was trading at Rs 102 to Rs 1,00,220 per 10 grams.
Expert said- this is good for India
This brake, which was released in gold prices, is also relieved for Indian buyers. According to expert Anuj Gupta, this decision taken with tariff on the gold of Trump will have a positive impact on the Indian market and there may be no tariff on gold and peace talks between Putin and Trump may put pressure on gold prices, as its price may reduce the risk premium.
He said that this is a good opportunity for those Indian gold buyers who are planning to buy gold in this festive season. This decision of US President can prove to be negative for gold prices and Indian buyers can continue to get cheap gold. Let us know that India is a major importing country of gold and the second largest consumer in the world. Gold imports a large amount of gold to meet its domestic demand.
Price below 1 lakh in domestic market
On the one hand, while the price of gold has seen a decline on MCX, the Gold Price has declined in the domestic market on Tuesday. According to the website of the Indian Bullion Jewelers Association IBJA.com, the price of 24 carat gold was Rs 1,00,201 per 10 grams, but when the business in the market was closed, it broke down to Rs 1 lakh and closed at Rs 99,957.
After the breakdown of Rs 244 on Monday, when the trade was opened on Tuesday, then the gold slipped and by the time the news was written, the price of 24 karat gold fell to Rs 99,549 per 10 grams. Apart from this, look at the gold price of other quality, then 22 carat gold was Rs 99,150 per 10 grams, 20 carat price was Rs 91,187 per 10 grams, 18 carat gold price was Rs 74,662 per 10 grams.
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