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Gold price in India witnessed a welcome decline in the lead-up to Akshaya Tritiya, a major gold buying festival. This comes after a surge in April that saw gold reach record highs. The drop has rekindled hopes for those planning gold purchases during the upcoming festival.
Gold Rates Fall from Record Levels
On April 19th, 24-carat gold prices peaked at a staggering Rs 73,596 per 10 grams. However, by May 8th, prices had retreated to Rs 71,725, reflecting a significant drop of Rs 1,871 within a fortnight. This decline coincides with a lull in the wedding season, traditionally a period of high gold demand.
MCX Reflects Downward Trend
The Multi Commodity Exchange (MCX) mirrored the trend in the bullion market. On Wednesday, MCX gold prices fell by Rs 138, settling at Rs 71,010 per 10 grams. Silver prices also dipped, declining by Rs 364 to Rs 82,514 per kg.
While the overall trend suggests a decline, local bullion markets displayed a slight uptick on Wednesday. 22-carat gold prices were recorded at Rs 65,700 per 10 grams, while silver remained relatively flat at Rs 81,663 per kg.
Buying Opportunity or Temporary Dip?
The recent price drop has created a window of opportunity for potential gold buyers. However, market experts caution that this could be a temporary correction. Geopolitical tensions and global economic uncertainties continue to be major factors influencing gold prices.
Those considering gold purchases during Akshaya Tritiya are advised to closely monitor market movements and make informed decisions based on their individual investment goals.
