Gold prices in Meerut, Uttar Pradesh, experienced a significant drop over the past three days, falling by ₹6,611 per 10 grams. According to data from the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold in the city reached ₹1,35,809 per 10 grams on Saturday, November 14. This marks the first time in nearly eight months that gold prices in Meerut have slipped below the ₹1.36 lakh mark, with the last recorded price at ₹1,35,141 per 10 grams in March.
The global spot gold price also saw a sharp decline this week, crashing by 4.5%, the most significant drop since June. Investors are concerned about potential interest rate hikes by the United States Federal Reserve and rising oil prices, which could fuel inflation. As of 1905 GMT, spot gold was trading at $3,879.71 per ounce, after briefly touching a session high of $3,922.97 following the release of the US Producer Price Index (PPI) data.
In other Indian cities, gold prices varied slightly but followed a similar downward trend. In Mumbai, 24-karat gold was priced at ₹1,37,070 per 10 grams, while in Delhi, it was ₹1,36,830 per 10 grams. Bengaluru saw the highest price at ₹1,37,180 per 10 grams, while Chennai recorded ₹1,37,470 per 10 grams. Silver prices also showed minor variations across cities, with Mumbai at ₹1,76,960 per kg and Delhi at ₹1,76,650 per kg.
The disclaimer notes that this story is for educational purposes only and advises investors to consult certified experts before making any investment decisions.