SRINAGAR: Gold prices in India declined for the third consecutive session on Thursday (November 12), with 24-carat gold falling by Rs 2,180 to Rs 1,39,800 per 10 grams amid weakness in international markets and subdued domestic demand following the festive season.
According to indicative bullion data from Groww and Upstox, the average retail price of 24-carat gold (99.9 per cent purity) stood at Rs 13,980 per gram, down Rs 218 per gram from the previous day.
The price of 22-carat gold (91.6 per cent purity) declined by Rs 2,000 to Rs 1,28,150 per 10 grams, while 18-carat gold (75 per cent purity) fell by Rs 1,640 to Rs 1,04,850 per 10 grams.
The quoted retail rates exclude GST and making charges and may vary across jewellers and cities. Tanishq, for instance, listed 22-carat gold at Rs 12,865 per gram on Thursday, down Rs 200 from the previous day.
The decline came amid continued weakness in international bullion markets, where gold prices slipped below USD 4,000 per ounce, with a stronger US dollar and expectations of higher US interest rates adding pressure on the precious metal.
Domestic demand has also softened following the Dhanteras and Diwali festive buying period, contributing to the decline in prices. Gold rates have reportedly fallen by more than four per cent from their November 5 pre-Diwali levels.
International gold futures (GCW00) were quoted at USD 3,895.80 on Thursday at 7:36 pm IST, down 3.92 per cent from November 11, according to the supplied market data.
