“GOLD” This word gives a shine in the eyes of people in very different ways, like it gives a sweet and precious shine in the eyes of a common man, It gives a proud and high symbolizing shine in the eyes of a rich man and it gives a shine of success and victory in the eyes of a player or an athlete. This shine has been lost from the eyes of the Indian people because of continuing increase in the gold price now a day.
According to the historical resources this metal was discovered in around six thousand years ago. After its discovery it has played a very vital role in the economic life of the people from that time to till now. From the very ancient times when people even don’t have the idea about the meaning of currency used tins metal as the currency or a thing or term of exchange for the things needed by them. As the bird of time flowed it used in making coins and slowly and gradually people started making various things out it like jewellery and ornaments.
Gold has a long history of using in terms of currency or a term used for the barter system. The increase in the gold price has snatched the shine and the glow of this metal from the eyes of the Indian people.
The Major Factors Affecting the Gold price in Indian Market
Now we are going to discuss about the major factors which are responsible for the tremendous hike in the gold price, because of which the demand of this metal is decreasing day by day. The major factors affecting the gold price in Indian market are as follows –
As you know that international price of gold is the major factor which affect the price of gold. The price of the metal is fixed all over the world on the basis of international standards. In simple terms the Ten grams of gold has the same price in all the countries all over the world. All the countries have to take this price as the fixed exchange price. This is the biggest reason behind the price hike in India as the price is fixed in dollar.
As you know that we are facing many economical problems because Indian rupees becoming weaker and weaker before the US Dollar. That’s why we are facing a price hike in many things like gold, petroleum product etc.
Battle between the Indian Rupee and Us dollar is another vital reason behind increase in the gold price. As we discussed earlier that the price of this metal is decided on the basis of international standard it means that it is the price is calculated as ten grams per dollar. Now a day Indian Rupee is becoming weaker and weaker before the US dollar because of the inflationary situations in the world economy as well as in Indian economical scenario. So the price of the yellow metal is increased gradually. We should only hope that Indian rupee will get its position back very soon, so that we can buy and invest in the gold items.
On the basis of today’s economical scenarios In India it is very hard to say that when we can get back the glow and shine of the gold again in Indian market as well as in the life of Indian peoples.