The gold prices on Wednesday (March 3) fell down as 10 grams of 24-carat gold cost Rs. 45,420. Silver is trading at Rs. 66,600 for 1 kg.
The gold was trading at 0.49 per cent lower at USD 1,714.50 per ounce in New York for the international markets.
As a matter of fact, gold prices have fallen Rs. 11,000 since August last year. The gold prices reached an all-time high rate at Rs. 57,008 for 10 grams in August 2020.
The prices for gold and silver remained volatile throughout the week because of the recovery in international prices. The gold price has declined by over Rs 10,000 or 18 per cent per 10 gm in the last 6 months.
The price of gold varies from state to state based on taxes and duties, as well as making charges at different jewellery stores. The price for 22-carat gold in the national capital dropped to Rs. 44,250 for 10 grams. In Mumbai 22-carat gold cost Rs. 42,420 for 10 grams. The gold prices in Chennai fell to Rs. 42,660 for 10 grams and it was Rs. 44,640 for 1- grams in Kolkata.
As the gold and silver prices have fallen down, people are opting for buying and the demand for precious metals have gone up. It is expected that the gold and silver will remain volatile throughout this month, the price are expected to bounce back towards the medium term.