Gold Price: Relief for gold buyers, gold price reduced so much

International gold prices fell 0.6 percent to $ 2,338.19 an ounce. At the same time, American gold futures fell 0.1 percent to $ 2,360 an ounce. Let us tell you that earlier in Tuesday’s trading session, there was a huge rise in gold price and it reached Rs 2365. It touched the level of $09 per ounce.

Relationship between gold and inflation in America

There is a direct relation between gold and inflation in America. Whenever inflation falls in the US, the dollar weakens and bond yields also fall. For this reason people like to buy gold in large quantities for hedging. Also, when inflation rises, the dollar strengthens and bond yields rise and vice versa.

local gold prices

In the country’s capital Delhi, the price of 24 carat gold is Rs 72,000 per 10 grams. At the same time, silver prices have reached Rs 84,000 per kg. HSBC recently said in its report on gold prices that the international price of gold in 2024 could range between $1,875 to $2,500 an ounce. The reason for the increase in gold prices from the bank is the ongoing turmoil at the global level and the elections to be held in major countries of the world this year, due to which gold remains at a high level. In view of the increase in gold prices, Shanghai Futures had announced in the last trading session that trading limits have been imposed on gold contracts.