Gold prices have been decreasing recently, which is good news for those interested in buying. The price has gone down from around Rs 63,000 to Rs 60,700 per ten grams (24 carat) on Wednesday. Traders say the prices are expected to decrease further in the upcoming days. Existing investors are selling off their gold, and there is no demand in the market currently. The end of the wedding season and impact of Ashada Masam have also contributed to this trend.
The upward trend in gold prices began during the Covid-19 pandemic when businesses were down, and people saw gold as a good investment. Now that the pandemic is subsiding, investors are looking at different options and selling their gold. Traders in the bullion market and jewellers have stopped taking Rs 2,000 notes, which had caused a surge in purchases at higher prices to dispose of the notes.
One buyer, K Adarsh, purchased gold during the last week of May at a high price due to an urgent need for a function. He wishes he had waited for the price to go down instead. Gold prices depend on how strong the US dollar is, but the only adverse impact would be on the global recession predicted by financial experts.
