Thanks to the relaxation in the import duty by the Reserve Bank of India (RBI) gold prices continued its downward slide. On Friday, prices of the yellow metal came down by Rs 400. With this drop in rates gold is being sold for Rs 27,900 per-tola (10 grams).
Notably, in the year 2011 gold was available at this price. Thanks to the fall in prices, citizens of Nashik thronged the saraf market to purchase gold articles.
Since last Thursday the prices of gold started dropping. On Thursday, gold prices deceased by Rs 800 and settled at Rs 28,300. The goldsmiths in town predicted that due to the changing policies of RBI, the strengthening of Indian rupee against the dollar and change in the union government, in near future gold prices may come down and it will settle down at Rs 26,500. Last year too, gold prices had come down and it was available for Rs 26,500 for per-tola. Later in April month there was rise in prices and the rates reached to Rs 30,500 mark.
Relief to customers
Gold prices will continue to tumble down. Considering the decrease, customers are lured into purchasing gold. As the marriage ceremonies are scheduled in this month, the decreased rates are giving relief to the customers. Due to the relaxation on the import duty, the inflow of gold will be continued in country and the rates will again come down.