People prefer to buy gold and precious jewelery from duty-free shops in Middle Eastern countries. But now maybe they can save money to buy gold from Indian stores. The reason is that gold is now 4% cheaper in India compared to countries like Oman, UAE, Qatar and Singapore. In recent times, the price of gold in the domestic market has been continuously decreasing.
24 carat gold price in domestic bullion market on October 30 was Rs. 79,581 per 10 grams was at a record level. In the last 18 days it was Rs. 5,842 (7.34%) down to Rs. 73,739 per 10 grams. On the other hand, 24 carat gold is priced at Rs.75,763 in Oman, Rs.76,204 in UAE, Rs.76,293 in Qatar and Rs. 76,805 per 10 grams.
In fact, geopolitical tensions in the Middle East are driving up gold prices. Demand for gold and silver is increasing as a safe investment amid war or uncertainty. Due to which the price has increased. On the other hand, the price of gold is falling in the Indian market.
Gold prices are likely to fall further, with less hope of a price hike at present. According to experts, the price of gold will continue to fall due to the strength of the dollar and rising inflation in America. Jatin Trivedi, research analyst (commodity and currency) at LKP Securities said, 'Retail inflation in the US was 2.6% in October. This may put a brake on the reduction in interest rates. This will strengthen the dollar and reduce the price of gold.' The dollar index, which tracks the dollar's strength against six major world currencies, hit a one-year high of 106.86.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
