Prices of gold have dropped sharply by around Rs 2,000 within a month and now speculations are rife that there will be a further drop in the yellow metal.
In September, gold was sold at Rs 55,000 per 10 grams for 22-carat. Now, following the drop, the prices have come down to Rs 53,000.
So, will there be a further drop in gold price? Before pondering over the same, let's know that the current drop has been attributed to the surge in the rates of US dollar which has put pressure on the metal.
Following the drop, experts feel that the precious metal may see further drop in the prices. So, below, check what experts say:
Speaking on the speculations, economist, Trinath Lenka said, “The prices may drop further, looking into the current trends; but it will not drop below Rs 51000. There is scope for investment in gold sovereign bond and one can expect good returns."
“The pressure on the precious metal following the surge in US dollar rates will stay and have an impact on the gold prices for a longer period than expected. I think the prices may drop further and even go somewhere near Rs 50,000,” said an expert.
A Bhubaneswar-based jewellery store owner said that though the prices have dropped, it will surge from next month as the marriage season will begin from November. "Presently, we are not witnessing a big impact on our business. With the Durga Puja and Diwali celebrations being on the cards, we expect a good business as against the same month in the previous year," the store owner said.
Check Rates In Different Cities For 22 Carat-24 Carat
Delhi- Rs 52,750 - Rs 57,530
Chennai- Rs 52,900 - Rs 57,710
Bangalore- Rs 52,600 - Rs 57,380
Bhubaneswar- Rs 52,600 - Rs 57,380
Ahmedabad- Rs 52,650 - Rs 57,430
Coimbatore- Rs 52,900 - Rs 57,710
Chandigarh- Rs 52,750 - Rs 57,530
Jaipur- Rs 52,750 - Rs 57,530