Tue Dec 03 17:29:46 UTC 2024: ## Gold Prices Plunge for Third Consecutive Day Amidst Wedding Season
**Mumbai, December 3, 2024** – Gold prices in India experienced a significant drop for the third consecutive day on December 3rd, 2024, defying the ongoing wedding season. The price of 10 grams of gold fell by ₹500, offering a boon to buyers. Both 24-carat and 22-carat gold saw price reductions of up to ₹650, with 22-carat gold trading near ₹70,900 and 24-carat gold around ₹77,350 per 10 grams. Similar price drops were observed across major cities including Delhi, Mumbai, Patna, Jaipur, and Lucknow.
Silver also saw a decline, with the price of one kilogram falling by ₹500 to ₹91,000, a ₹2,000 decrease over the past week.
Experts attribute the continuous decline in gold and silver prices to a strengthening US dollar and rising US bond yields, negatively impacting gold demand. The ceasefire between Israel and Lebanon further reduced demand for gold as a safe haven asset. Uncertainty surrounding inflation and interest rate cuts also contributed to the price fluctuations. The drop presents a favorable opportunity for those planning to purchase gold jewelry.
First Piper 