Mumbai: The price of gold continued its downward trajectory for the third consecutive day in India, reflecting a mix of domestic and global market influences. The decline in gold prices is evident across major markets. In Delhi, 10 grams of 24-carat gold is priced at Rs 76,963, a sharp drop from Rs 78,003 recorded yesterday. In Chennai, the price stands at Rs 76,811 per 10 grams, down from Rs 77,851. Similarly, Mumbai witnessed a decline, with gold priced at Rs 76,817 per 10 grams, down from Rs 77,857. Kolkata followed suit, with the price at Rs 76,815 per 10 grams, reflecting a Rs 1,040 drop over the past week.

Mr. Rajesh Rokde, Chairman of All India Gem and Jewellery Domestic Council (GJC) said, “The recent decline in gold rates can be attributed to profit booking, a common occurrence during rallies. Since yesterday evening, gold prices have fallen, and today the market has shown some stability. This trend suggests that gold prices may soon reach new highs. Historically, dips in gold prices have presented excellent buying opportunities.

Moreover, the recent investments by China’s insurance companies have positively impacted the gold market. However, concerns such as tariffs and geopolitical tensions continue to drive gold prices higher. These factors contribute to the overall elevated gold rates. Despite this, the recent decrease in prices makes it an opportune moment to invest. The price has dropped by $50, and there is potential for a $100 increase in the near future, a pattern observed over many years.”

Mr. Avinash Gupta, Vice Chairman of (GJC) said, “The recent fall in gold prices can be attributed to two main factors: the sharp appreciation of the rupee against the dollar and a healthy correction in the gold dollar price. The appreciation of the rupee has been significant, reaching up to 87.95 before falling to 86.50 today. This currency fluctuation has played a key role in the recent decline in gold prices.”