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Very Steep fall in gold prices: sold @ Rs. 2400/- per gm!
Posted on: 01/Dec/2014 4:02:30 PM
There is a trend of fall in the gold price over the last week.
During this period, there has been a reduction of Rs. 100/- per sovereign.
2 main reasons for this:
· There was a restriction that 20% of imported gold should be exported as jewellery. This has been relaxed recently by the Reserve Bank of India.
· The restriction on gold trading in European countries has been relaxed and free trade is allowed.
These restrictions were relaxed with a view that on-line gold trading will increase leading to gold price increase. As a result, gold prices have come down in the international market as well.
During the last week, the price of gold per sovereign has reduced by Rs. 1000/- at Rs. 18975/- for 22 ct gold.
Today’s Morning(Monday, 1st December) price of gold per gram is Rs. 2372/-.
The gold price per gm has fallen in the last 2 years below Rs. 2400/-.
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