Good News Before the Festive Season: Gold Prices Drop for Second Consecutive Day

New Delhi (The Uttam Hindu): As the festive season approaches, those planning to buy or invest in gold or silver jewelry have reason to rejoice. On Thursday, gold prices fell for the second consecutive day, influenced by the strengthening of the US dollar and a rise in bond yields in international markets.

Experts say that the strong US dollar and policies of the US Federal Reserve have put pressure on gold prices. When the dollar strengthens, buying gold in other currencies becomes costlier, reducing demand. Additionally, the surge in bond yields has attracted investors toward bonds as a safer investment, temporarily lowering gold demand.

This global dip has directly impacted Indian bullion markets. Today, cities such as Delhi, Mumbai, Chennai, and Bengaluru have seen a decline in 22-carat and 24-carat gold prices. For buyers, this drop is a welcome opportunity, especially after gold prices had been trading at elevated levels in recent days.