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Gold price down by Rs.1000 in three days

By the efforts of government and strictness of RBI, Gold price has reduced from the level of 30,000. It has reduced by Rs.620 and reached at Rs.29895. In Mumbai the price of gold was down by Rs.365 and it was at Rs. 29955, in Jaipur it was Rs.29970 down by Rs.180, gold price in Delhi was Rs.200 and it was at Rs.30000 and in Chennai it was down by Rs.190 at Rs. 30040.Gold price is down by Rs.1000 in last three days in the country.

The international market price of gold has reached at $1668 ounce. Silver price are also down by Rs.350 and with this, it has reached at Rs.58790 from Rs.59140. The demand of gold has got down due to the ending of wedding and festive season. People are getting out with gold due to the lack of profit. The demand of gold is also getting down by 12% compare to 2012 but the price were high by 6%. The record loss in current account status has made RBI could make slight ban on gold.

Government and RBI think that import export of gold is quite unbalance in the country due to import of gold. Government has said that import and export of gold will be discussed as it has given the return of 12% in 2012. Access gold import is getting very problematic for the country and the government will think about other steps to control the problems and related issues. Jewelery market is going to affected with this price hike.

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22nd, Feb 2013 2:19 AM
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