Gold prices continued to fall on November 13, marking the fourth consecutive day of decline. The 24 karat gold rate stood at ₹13,849 per gram, while 22 karat gold was priced at ₹12,695 per gram. This drop places gold approximately 5.16% below its peak on November 5, during the pre-Diwali festive run.
- 24 karat gold is ₹508 per gram lower than its Diwali level.
- 10 grams of 24 karat gold costs ₹1,38,490; 22 karat costs ₹1,26,950.
- Gold prices have fallen steadily after a festival-driven rally.
- Decline benefits buyers during the wedding season.
Why Have Gold Prices Fallen Since Diwali?
Gold prices rose steadily before and during the Diwali festival, reaching a high of ₹14,602 per gram for 24 karat gold on November 5. This increase was driven by strong festival demand, as buyers typically purchase gold during this period. However, after the festival, demand decreased sharply because many purchases were made early, during Dhanteras and Diwali week.
The market is now adjusting to the reduced demand, leading to a gradual price decline. Additionally, profit-taking by investors who bought gold during the rally has added to the downward pressure on prices. Currency factors, such as the rupee and the dollar price of gold overseas, have not provided support to halt the fall.
How Much Have Gold Prices Dropped in Recent Days?
Since November 8, 24 karat gold has dropped by ₹508 per gram, a 3.54% decrease, while 22 karat gold has fallen ₹465 per gram, or 3.53%. Over the past five trading sessions, prices have declined steadily after a brief rise of ₹103 on November 9. The cumulative fall since then totals ₹611 per gram.
What Are the Current Gold Prices in Major Cities?
On November 13, the national rates for gold were:
- 24 karat: ₹13,849 per gram
- 22 karat: ₹12,695 per gram
- 18 karat: ₹10,387 per gram (down ₹98)
In Delhi, prices carried a small premium:
- 24 karat: ₹13,864 per gram
- 22 karat: ₹12,710 per gram
- 18 karat: ₹10,402 per gram
What Does This Mean for Buyers During the Wedding Season?
The decline in gold prices offers timely relief for households purchasing gold for weddings. For example, a 10-gram 22 karat gold ornament costs ₹1,200 less than the previous day and ₹4,650 less than on Diwali, excluding making charges and GST. This price drop can help buyers save significantly during the wedding season.
Are Online Gold Rates Exact?
It is important to note that gold rates published online are indicative and may vary between jewellers and cities. Buyers should check with local jewellers for precise pricing before making purchases.
Frequently Asked Questions
Q: Why did gold prices peak before Diwali?
A: Gold prices rose before Diwali due to increased demand during the festive season, as many people buy gold for celebrations and gifts.
Q: What caused the recent decline in gold prices?
A: The decline is due to reduced demand after the festival, profit-taking by investors, and lack of support from currency movements.
Q: How much has 24 karat gold fallen since its peak?
A: It has fallen approximately ₹753 per gram, or 5.16%, since the November 5 peak.
Q: Are gold prices the same in all cities?
A: No, prices can vary slightly between cities and jewellers due to premiums and local factors.
