Reason for Gold Price Going Down in India 2013 April May | What is the lower level of Gold Price | Good Time to buy Gold in Chennai Hyderabad Predictions

The price of Gold has recorded 2 years low. On Friday, the price of Gold( 24 carat) was Rs. 29,200.  Even silver price is lowered.

After 2011 April, fall of Gold prices is reported for the first time.  On the other hand the price of crude oil is also lowered.

Consumers swooped to pick up gold in Asia after the precious metal slumped to a two-year trough on Tuesday, although some buyers were waiting to see if prices might weaken even further as the outlook for the asset turns sour.

The decline – gold has dropped 12 percent since Friday – resulted in brisk sales in parts of India and China, which together account for more than a third of global gold demand, according to the World Gold Council.

Gold prices are now more than $500 below a record in September 2011, attracting buyers and sending premiums for gold bars to a 16-month high in Asia.

More than 90 percent of sales were to Indians, partly because of the traditional wedding season.

“If you compare the number of customers from last week, the walk ins have doubled this week,” said T. Rajesh Kumar, manager of NAC gold jewellers in Chennai. “Our profits have slipped but volumes are up.”

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