Gold prices fell globally to near a five-and-a-half year low on Thursday as the dollar strengthened ahead of US economic data, but in India, the price varied between five and five-and-a-half year low.
The yellow metal was trading at Rs.24,800 per 10 grams in the national capital.
Internationally, gold prices fell more than 1 percent close to their weakest level since early 2010."
"In India, the price is hovering between five and five-and-a-half year low. Theoritically with such lower prices, there should be great surge in demand. But there are media reports that it will further go down and people are withhelding their purchases expecting it to fall further," Pankaj Parekh, former vice-chairman, Gems and Jewellery Export Promotion Council (GJEPC) told IANS.
"Even if the price does not go down further and stabilises, we will see surge in demand," he added.
Silver prices also dropped by Rs.150 to Rs.34,050 per kilogram.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app