Gold Prices Decline Ahead of Ganesh Chaturthi Festival
Gold prices in India have seen a decline over the past few days due to concerns about inflation and interest rates. The price of non-yielding bullion has eased as a surge in oil prices stoked inflation worries, making gold less appealing to investors.
The closure of Saudi Arabia's key oil pipeline following Iran-backed Houthis attacks along the Red Sea coast has led to higher crude oil prices. This has resulted in a marginal decline in both 24-karat and 22-karat gold rates across major cities in India.
As the Ganesh Chaturthi festival approaches, buyers in Mumbai, Pune, Nagpur, and Nashik may see this as an opportunity to purchase gold at lower prices. On Monday, gold was trading at ₹153,260 per 10 grams, while silver 999 rate stood at ₹234,690 per kilogram.
The MCX gold rate on 14 September stood 0.08% lower at ₹152,655.00 per 10 grams, and the MCX silver futures price was about 0.04% lower at ₹234,886.00 per kg.