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Gold prices have found a steady ground this Sunday (April 12) following a week of sharp changes. This stability comes as the world looks toward Islamabad, where high-level peace negotiations between the US and Iran were held. While global markets are closed for the weekend, the closing spot gold price stood at $4,751 per ounce. In India, the local 24K gold rate rose by Rs. 490 to Rs. 1.52 lakh per 10 grams.
When the US-Iran ceasefire was first announced on April 8. The gold price rose by nearly $4,888. Since then, prices have leveled off as investors feel wary. Falling oil prices have also affected the market.
Crude oil dropped by over 15% to $96 a barrel after the ceasefire, which helped gold and the US dollar weaken. However, because there is mixed news about how long the peace will last, some traders chose to sell their gold to take profits. It has led to the current steady price.
In India, the return of buyer demand over the weekend has pushed prices up. For 24K gold, the price is now Rs. 1,52,840 per 10 grams. Those looking for 22K gold will find it at Rs. 1,40,100, while 18K gold is priced at Rs. 1,14,630.
When you buy jewelry, keep in mind that the final price will include a 3% GST. Jewelry stores also add a making charge that ranges from 10% to 35%. Investors often turn to Gold ETFs or Sovereign Gold Bonds because of the additional costs of buying physical gold.
Here are the latest city-wise gold rates, based on The Sunday Guardian report.
The future of gold prices depends a lot on the outcome of the talks in Pakistan. If the negotiations break down, more people might buy gold due to its safe-haven status. Investors are also waiting for more US data to see if Fed interest rates will change. For now, the market shows support at $4,700.
