Bhubaneswar, Sept. 7 (UDN): Gold prices continued their downward trend in Bhubaneswar on Monday, bringing some relief to buyers ahead of the festive and wedding season.
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The price of 22-carat gold declined by ₹600 per 10 grams, while 24-carat gold became cheaper by ₹650 per 10 grams on September 7.
The latest correction adds to a sustained fall in gold prices witnessed over the past several days. Available market figures indicate that gold has lost more than ₹4,000 per 10 grams over the last 10 days, marking a notable decline from the levels recorded at the end of August.
Gold Prices See Sharp Correction
On August 29, 24-carat gold was priced at around ₹1,58,240 per 10 grams, while the rate of 22-carat gold stood at approximately ₹1,45,000 per 10 grams.
Since then, prices have moved lower, offering customers a relatively favourable window to consider purchases.
The fall could be welcomed by households planning to buy jewellery, particularly as demand typically picks up during the festive and marriage seasons. However, buyers may still want to monitor the market closely, as gold prices can fluctuate significantly from one day to the next.
Will Gold Prices Fall Further?
The recent decline has raised expectations among buyers that prices could soften further. However, it remains uncertain whether the downward movement will continue or whether gold will rebound in the coming sessions.
Gold prices are influenced by several factors, including international bullion trends, currency movements, interest-rate expectations and global economic developments. As a result, the current decline does not necessarily indicate that prices will continue falling.
For now, Monday’s reduction provides some relief to buyers in Bhubaneswar, particularly those who had been waiting for a correction after gold touched elevated levels in August.
Market watchers will be keeping a close eye on prices over the next few days to determine whether the current correction marks the beginning of a longer decline or a temporary pullback.