India is the largest consumer of gold in the world, accounting for almost a quarter of the world’s total consumption. It has, for long, maintained this position, and, unlike countries like China, India uses gold primarily in the form of jewelry and investments. It is viewed as a solid instrument for investments and even traders who are into commodities trade, invest in gold bullion. These investments are usually dictated by the gold rates prevailing in the economy at that time.
Even the global view of gold is that of a safe haven where you can invest even when investments in the economy of a country are not a good idea.
Gold rate in India change on a daily basis, with a number of factors impacting their price in a particular place on a given day. Demand and supply, global market conditions and currency fluctuations are some of the most critical factors which go into determining the rate of gold in a country, with prices changing every day.
Gold and silver prices India today extended their recent losses, tracking the decline in global rates.
But now those prices are falling exceptionally well. Stock markets have collapsed due to the coronavirus. With this, investors sold gold and survived. 22 carats of gold fell to 39 thousand. The gold price is down again today. Gold prices fell sharply in the Hyderabad market on Monday.
The price of 24-carat gold decreased by Rs 750 per 10 grams… The price of 24-carat gold decreased from Rs 44,410 per 10 grams to Rs 43,660. The price of 22-carat gold decreased to Rs 850 per 10 grams. With this, gold prices of 22-carats fell from Rs 40,710 to Rs 39,860. These prices are likely to fall further. So people who want to buy gold say that they should buy it in two to three days.