October to December is always an interesting quarter in India, especially regarding gold and silver prices and their associated demand. For several reasons, this October is proving to be a less-than-ideal month for gold dealers around the subcontinent. So far, the gold price trend continues to decline when compared to the previous months.
India is almost in the middle of its annual festive season, when demand for gold and silver peaks. Last Sunday, retail gold prices continued the general October downturn as one gram of 22-carat gold hit US $56.29 (Rs 4620). Just the day before, the price was US $56.96 Rs 4675. The 10-gram figures also declined, with 22-carats hitting US $562.90 (Rs 46,200) compared to the previous day’s US $569.60 (Rs 46,750).
It’s worth mentioning that Indians prefer to buy 24-carat gold. However, this, too, saw a drop in price to US $61.41 (Rs 5,040). Meanwhile, ten grams of 24-carat gold…
