September 4, 2024: If you’re planning to buy gold or silver jewelry or invest in this precious metal, now might be a good time. Recently, gold and silver prices have been consistently falling. Along with a drop in international markets, gold prices in India have also decreased. Currently, the price of 24-carat gold is ₹71,494 per 10 grams, and 22-carat gold is ₹65,489 per 10 grams. Over the past week, the price of 24-carat gold has fallen by 0.16%, and over the past ten days, gold prices have increased by 0.08%. Silver is currently priced at ₹822.78 per 10 grams.
Strong Dollar Weakens Gold
The US dollar has reached a two-week high, which is negatively impacting gold prices. Manufacturing data in the US has been poor, along with other macroeconomic indicators. These figures will reveal how much the US Federal Reserve might cut interest rates this month.
Market experts suggest that gold prices need good news to rise. If upcoming US macro data shows weakness in the American economy, an increase in gold prices may be observed. Following weak manufacturing data on Tuesday, there has been a slight uptick in gold.
Will Prices Reach ₹81,000?
International investment banking firm Goldman Sachs has advised investors that gold prices are expected to rise soon, so trust in this precious metal. Goldman Sachs has raised its previous forecast, setting a target of $2,700 per ounce for gold by early 2025.