During last week, gold prices declined. Gold continues to suffer from Friday’s performance when the metal had its biggest daily loss in over two months. On Friday, prices have fallen to two-and-a-half-week lows following inflation data from China, which showed that CPI had fallen slightly from 2% in August to 1.9% the following month. A couple of U.S reports also affected prices of gold such as the U.S PPI rose by 1.1% during September; U.S jobless claims fell by 30k to 339k. These news items contributed to movement of price fluctuations of the USD against other major currencies, and gold rates.
Gold Prices in International has a strong resistance in the $1800 touched a low of $1735 as the global Gold futures were sold off heavily in international market. Due to continued global economic worries and uncertain financial market Indian Gold prices came near Rs 31100 per 10 grams this week. This is a good news for people planning to buy gold during diwali.
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