Indian Gold Prices Slide on Global Tensions Easing
The gold price in India has experienced a decrease of Rs 185 per gram over the past day, reaching Rs 14,433 per gram for 24 carat gold. The prices for 22 and 18 carat gold also dropped to Rs 13,230 and Rs 10,825 per gram, respectively.
The decline in gold prices is attributed to a decrease in global tensions following the recent agreement between the US and Iran. However, with the fragile diplomatic effort having unraveled, market anxieties have intensified, leading investors to turn to gold as a safe-haven asset.
The import duties on gold were increased by the government from 5 percent to 10 percent, but this did not result in higher prices due to the calming of global tensions. Instead, local gold prices continue to fluctuate daily in response to international trends and local currency value swings.