Mumbai, October 21: The gold price has remained unchanged on Tuesday in Mumbai. The price of a 10-gram 22-carat gold is at Rs 37,500. A 10-gram 24-carat gold, on the other hand, is at Rs 38,500, according to Good Returns report. The price of the yellow index has been in a choppy range after it touched a high of Rs 40,000 last month.
Dhateras is considered an auspicious occasion to buy gold. During this time, there is always a peak in demand which leads to an increase in sales. However, the scenario is different this time, with the economic slowdown that has hit the country, and the demand has dipped and prices have shot up. People are waiting for the gold price to fall in this festive time and also ahead of the marriage season. Dhanteras 2019: Gold Loses Glitter in Domestic Market, Sales Likely to Decline by 50% Over Rising Prices.
In the global markets today, gold prices were trading flat at $1,484.12 per ounce as global equity market sentiment improved as stocks cheered progress in trade talks between the US and China. According to a Livemint report, in the domestic spot markets, the demand from jewellers remain muted. Despite the recent correction in the rates, gold prices are up about 20 percent so far this year, affecting the retail demand.