In a much relief for buyers ahead of the wedding season, the price of 24 carat gold has dropped significantly across the country including Bhubaneswar in the last 10 days.According to Good Returns, the price of 24 carat gold metal has dropped by Rs 3050 per 10 gram in the capital city.The 24 carat gold, which used to be cost Rs 79360 per 10 grams on November 9, is now being sold at Rs 76310 in the state capital.Similarly, the price of 22 carat gold stands at 69950 per 10 grams and 18 carat gold is being sold at Rs 57230 per 10 grams. The price of gold in Cuttack remains the same as in Bhubaneswar.Also Read: Gold’s share in India’s forex surges more than 209 pc since 2018Meanwhile, the decline in the gold price has come as a respite for the buyers ahead of the wedding season in the state.It is worthwhile to mention here that the geopolitical situation in the Middle East has further bolstered safe-haven demand for gold, adding to its upward momentum.Earlier in October, the share of gold in the country’s forex also surged more than 209 per cent since 2018 as India’s foreign exchange reserves surpassed $700 billion.India’s gold reserves stands at $65.76 billion (as on October 4), compared to $21.15 billion as on December 7, 2018, according to the Reserve Bank of India (RBI) data. Read More: 60 pc gold reserves held domestically, up over 102 tonnes in April-Sep: RBI dataShaktikanta Das assumed the RBI office in December 2018. Under his tenure, forex also went up 78 per cent. The total foreign exchange reserves of India stood at $701.176 billion (as on October 4) compared to $393.735 billion on December 7, 2018.
