Gold Price India, Sept 7: Why Gold Fell Sharply Today? Check Latest Price In Your City

There is a sharp fall of Rs 500 in the prices of 10 gram of 22 carat gold as on September 7, 2022. After the decline, you need to pay Rs 46,400 for 10 gram of 22 carat gold. When it comes to the price of 24 carat of gold, there is a dip of Rs 540 per 10 gram. Now the price of 10 gram of 24 carat gold is Rs 50,620 in India. These rates do not include GST and other levies.

Check the prices of 22 carat of gold in major cities all across India:

Why Gold Prices Fell Sharply Today?
There is a big drop of Rs 500 in the prices of 22 carat of 10 gram gold in India. The main reason attributed behind the fall of yellow metal prices is the sharp jump in US Dollar and Treasury Yields after upbeat economic data and it boosted expectations that Federal Reserve will hike interest rates aggressively. According to reports, the U.S. services industry gained momentum again in August for a second straight month amid robust order growth and employment.

How is gold price today in India per gram arrived at?
1) Currency: If the rupee slides against the dollar gold prices in India per gram becomes expensive.

2) International factors: These include volatile policies, slowing global economic growth, dollar strength against a basket of currencies.

3) Global demand for the precious metal. Demand plays an important role in determining the gold rates today per gram in India. If the demand is not robust prices would fall. On the other hand in times of good demand prices of gold would gain.

4) Interest rates: Not many know, but interest rate is a major factor that impact gold prices in India. When interest rates in major countries like the US go higher, gold rates fall and when they fall gold rates go higher.

5) Government polices: Some time the government also discourages the consumption of gold. For example, this happens when prices are rising and the current account is swelling. These days the government discourages the use of gold, so as to ensure that there is no problems with the deficit. Already the nation has so much gold, what do you with so much that is already there.

6) Prices: High gold prices today in India has also discouraged consumption in the country. Recently, the rates of gold in India ahs moved higher to as much as Rs 29,000 per 10 grams. However, the entire process is more complicated on how to arrive at gold prices in India, which we shall discuss in later passages of the article.