Gold Price Down 2,300 Per 10 Grams | Ahmedabad News - Times of India

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Ahmedabad: After a constant rally that lasted a week, the price of gold in the domestic

market

dropped for the second consecutive day.

In merely two consecutive

trading sessions

, it declined by Rs 2,300 per 10 grams in the Ahmedabad market, settling at Rs 74,000 from the peak of Rs 76,300 per 10 grams on Saturday. According to the analysts, the downward spiral was fuelled by profit-booking by traders coupled with weak

global trends

, signalling a significant shift in market sentiment.

The decline in gold

prices

in the domestic market mirrored the international market's bearish trend. In the global market, spot gold at Comex witnessed a significant drop, trading at $2,310 per troy ounce, down $55 from the previous close. This decline was attributed to tensions easing in the Middle East and indications that the US Federal Reserve will maintain higher interest rates, thereby curbing demand for the precious metal.

Several traders booked their profits from the unprecedented rally of gold due to which the prices plummeted. Silver too settled at around Rs 80,000 per kg.

Analysts are keeping a close watch on the macroeconomic data from the US, UK and Europe and the geopolitical developments, which are the factors that influence gold prices.

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