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What happened to gold in India?

What happened to gold in India?

Gold prices continued to dip, extending its fall for the fifth consecutive session at the bullion market in Mumbai on Thursday on heavy selling from stockists and investors in line with a sharp global correction.

On Thursday, prices closed at Rs 29,220 per 10 gram (99.5 per cent purity) and Rs 29,355 (99.9 per cent purity). Silver prices (spot) too fell sharply and dropped by Rs 960 to close at Rs 54,735 per kg, continuing with losses in the last two sessions due to low demand by coin makers and industrial units.

But this is good news for consumers. “From the consumer’s point of view, what is important is the takeaway price. If that is going down, people will buy,” said Daman Prakash Rathod, a director with Chennai-based wholesaler MNC Bullion.

"The precious metal’s sharp correction due to global events would bolster local demand. The metal lost 10 per cent of its value since it hit an historic high of  Rs. 32,500 per 10 gm on November 26 last year," said a dealer.

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