Chandigarh, 17 November 2024: Gold prices witnessed a significant decline, becoming more accessible to common buyers as rates dropped by ₹4,750 per 10 grams over the past 10 days, marking a decrease of nearly 6 percent from previous highs. The downturn reflects broader international market trends, particularly linked to movements in the US dollar and policy shifts by the Federal Reserve.
The Federal Reserve’s back-to-back interest rate cuts during recent Federal Open Market Committee (FOMC) meetings have strengthened the US dollar, exerting downward pressure on gold prices. Analysts now anticipate a slower rate of increase in gold prices, impacting investor sentiment while benefiting casual buyers during the wedding season.
In the international market, gold on Comex fell to $2,570.10 per ounce, down from a recent peak of $2,622.45 per ounce. This marks a notable decrease from levels seen at the start of October, when gold prices had approached $2,678.70 per ounce. Previously, forecasts from major financial institutions like Citigroup and Goldman Sachs had projected gold could reach up to $3,000 per ounce, with domestic rates potentially hitting ₹85,000 per 10 grams. However, the recent strengthening of the dollar has tempered those expectations, shifting the market outlook for the coming months.
