Price Plunge Overview
On August 12, the price of gold and silver in India experienced a noticeable decline. The drop in gold and silver prices was considerable, with silver decreasing
by Rs 2000. This downturn has caught the attention of many. The decrease reflects changes in the market.
Mumbai's Market Snapshot
In Mumbai, on August 12, the price of 24-carat gold was Rs 1,01,400 per 10 grams. Silver was priced at Rs 1,15,000 per kg. These figures present a clear picture of the precious metal market's performance in this major Indian city.
RBI's Stance Explained
The Reserve Bank of India's Monetary Policy Committee (MPC) made a decision to keep the repo rate unchanged. This particular move is a critical factor that influences the overall financial environment and has an indirect effect on the gold and silver markets.
Factors Affecting Prices
Several elements influence gold prices in India. This involves global economic trends, currency fluctuations, and local demand and supply dynamics. Understanding these components is important for anyone looking at investing in gold or silver.
