After a series of faltering days, gold prices are following a serious decline, and experts suspect it will continue. Now may be the perfect moment to invest in gold or jewelry. Let’s break down the reasons for that decline and what they may mean for you.
Gold price decreased $11
Gold and silver have been sliding over the last few days. The base import price of gold and silver for the country was reduced. To inform you, on Monday, i.e. dated 3 March 2025 (3 March gold rate), reduced base import price for gold is $ USD 11 to 927 on 10 grams. Which means now the importation of gold into India is a little less costly, which is causing a decrease in the rates of gold.
Not just that, along with it, the base import price has also been reduced for silver by $ 18, bringing it down to $ 1025 per kg. Worth noting was that in February, the government had increased the base import price by $ 42 for silver, and now the people are enjoying the relief in that.
Current Gold Rates in the Domestic Market
Gold rates have witnessed very good cut-downs in the domestic market. On Monday, the price of gold for April delivery fell by ₹478 in the MCX (Multi Commodity Exchange) and settled at ₹84,697 per 10 grams. However, global scenes are depicting a slight rise in gold prices against the drop at the international. In New York, gold futures gained 0.20% to reach $2,863.46 per ounce.
India’s Role in The Global Gold and Silver Market
Did you know India is the largest silver importer in the world and the second-largest gold importer? The government policies of India and demand for gold and silver influence the international market profoundly. Therefore, with so many gold consumers, any change in import rules by India will send worldwide ripples.