Gold slips Rs 1,000 in Delhi, biggest monthly fall

Gold prices saw sharp swings as the festive season began, with a big fall recorded in Indian bullion markets on Tuesday. In Delhi's bullion market, gold fell Rs 1,000 to Rs 1,54,400 per 10 grams, including all taxes. This is the lowest level in more than a month. Gold had earlier touched Rs 1.54 lakh per 10 grams in the local market on August 7.

On the Multi Commodity Exchange (MCX), 24-carat gold futures fell 0.54 percent, or Rs 818, to Rs 1,51,770 per 10 grams by evening. It had closed at Rs 1,52,588 per 10 grams the previous trading day.

According to the bullion market, the actual price of 24-carat gold in the market is Rs 1,51,140 per 10 grams. Gold in the international market was recorded at 4,323.00 dollars per ounce. According to GoodReturns, the price of 24-carat gold is Rs 1,53,320 per 10 grams.

According to the IBJA, gold prices today were as follows: 24-carat gold at Rs 1,50,902 per 10 grams, 22-carat gold at Rs 1,38,226 per 10 grams, 18-carat gold at Rs 1,13,177 per 10 grams and 14-carat gold at Rs 82,278 per 10 grams.

In several cities, the price of 24-carat gold per 10 grams was the same at Rs 1,53,170 today. These include Mumbai, Pune, Nashik, Nagpur, Kolhapur, Jalgaon, Sangli and Chhatrapati Sambhajinagar.

Commenting on the fall, Akshat Siddhant, lead quant analyst at investment platform MoneRex, said investors chose to sell on fears of a possible interest rate hike by the US Federal Reserve. This pushed gold in the international market down to around 4,300 dollars per ounce, marking the third straight week of decline. He also said rising crude oil prices have heightened inflation worries, which is directly affecting demand for gold.

The fall is being seen as welcome news for customers buying gold during the festive season, as prices had been rising over the past few weeks.