By Admin 
Gold Price Today: After touching record high on Dhanteras, gold prices continue to fall. Till now, its prices have decreased by more than Rs 7,600 per 10 grams. At the same time, a softening is also being seen in the prices of silver. In the international market today (October 28), US spot gold fell 0.33% to $ 3,991 an ounce, while silver was trading at $ 46.02 an ounce.
reason for decline
Market experts say that the main reasons behind this fall in gold are the strength of the US dollar and the news of a possible US-China trade agreement. However, gold is still considered the safest and most reliable option for long-term investment. 24 carat gold is generally purchased for investment purposes, while 18 and 22 carat gold are more commonly used in jewelery manufacturing.
Today’s gold price in your city
Today in the national capital Delhi, 24 carat gold is being sold at the rate of Rs 1,23,420 per 10 grams, while on the other hand, 22 carat gold is available at the rate of Rs 1,13,140. Along with this, in the financial capital Mumbai, Hyderabad, Chennai, Bengaluru and Kolkata, where 24 carat gold is trading at Rs 1,23,320, the price of 22 carat gold in these places is Rs 1,12,990. Whereas, in Ahmedabad and Pune, where 24 carat gold is being sold at Rs 1,23,320 per 10 grams, at these places 22 carat gold is available at Rs 1,13,040.
How is the price of gold decided?
Gold and silver prices change every day and are affected by many economic and international factors. In the international market, gold is traded in dollars, so changes in the dollar-rupee exchange rate directly affect the price. Most of the gold in India is imported, so import duty, GST and local taxes have a big impact on its price.
Events like war, recession or change in interest rates make gold a ‘safe haven’ i.e. a safe investment option. In India, buying gold on weddings, festivals and auspicious occasions is considered auspicious, due to which its demand remains constant. In times of rising inflation and market instability, investors consider gold as an option giving better returns.