Gold prices in India have become more attractive compared to key markets like Oman, Qatar, Singapore, and the UAE, according to a report by Business Insider. The difference comes as geopolitical tensions in the Middle East push up prices in the region.
The conflict has led to a surge in demand for gold, considered a safe haven during uncertainties. This demand spike has driven prices higher in the Middle East, making Indian markets a more cost-effective choice for gold buyers.
India’s Gold Prices Drop
Gold prices in India have fallen in line with global trends, marking their steepest weekly decline in over three years. Spot prices of gold in the US dropped by 4.5%, reaching a two-month low of $2,563.25 per troy ounce.
Currently, the price of 24K gold in India is Rs 7,582.3 per gram, with a weekly drop of 4.12%. The 22K variant is priced at Rs 6,952.3 per gram.
In comparison, 10 grams of 24K gold costs Rs 76,204 in the UAE, Rs 76,805 in Singapore, Rs 76,293 in Qatar, and Rs 75,763 in Oman. These prices are significantly higher than Indian rates, even as global markets experience a dip.
Experts suggest that the falling gold prices in India could make it an attractive destination for buyers seeking savings amidst rising global costs.
