The rate of 22-carat gold fell by another Rs 200 to Rs 24,800 per 10 gram, with jewelers expecting prices to fall further. On Wednesday, the precious metal had touched an all-time low rate of Rs 25,000 per 10 gram. Experts say the weakening of the US dollar has led to the fall and rates are expected to fall by at least another Rs 1,000 per 10 gram. In 2014, 22-carat gold prices have been at least 20% lower than the 2013 rates.
Jewellers Association Chandigarh president Vinod Talwar said, “Rates have dipped as there is no demand and there is also the impact of the international market. All we can do is to wait for the market to gain steam and rates to increase.”