The price of the gold has slipped slightly on yesterday (30th August, 2024) in Indian market. This incident has happened in this month followed by the previous  month. Slipping of the gold’s price has occurred amidst the increasing prospects of US Federal Reserve Rate Cut in this month. The traders have followed the US inflation based data for this purpose.

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The price of 22 karate gold has slipped by Rs.100 to become the final result at Rs. 6705 per gm. The cost of 24 karate gold has decreased by Rs.100 through resulting the ultimatum at Rs. 7315 per gm. The value of 18 karate gold is lowered by Rs.80, the ultimate result becomes Rs. 5486 per gm.

Figure 1: Gold Rate in India  

The price of spot gold has decreased by 0.3% per ounce at $2,513.70. So, the price of gold is predicted by 0.5% in the US market standard.The price of apot silver has lowered at $29.44 per ounce. Similarly, the value of the palladium has increased by  0.1% to $981.00. Both metals have gained profits on the monthly basis. The price of the gold has maintained a sustenance level in the US market above $2500. As a result of this, GDP rate of US has expanded from 1% to 3% in the 1st Quarter of 2024.

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Silver price has dropped in this year. The proice of 1kg silver has lowered by Rs.100 to become Rs. 88400. So, the prices of both gold and silver has reduced in this year. As a result of this, GDP becomes lower in this quarter of this year.  Common people can easily purchase the gold and silver at an affordable cost. People are also comfortable tp buy it. More profits from these assets has helped to rise in the GDP of a nation in 2024. It is estimated to rise in the GDP provided huge amount of purchase capability has increased. 

Figure 2: The current price chart of Gold in various cities

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