Gold Price Drops Despite Stock Market Sell-Off on April 7
Gold Price Drops Despite Stock Market Sell-Off on April 7
Gold Price Drops: Despite a 4000-point stock market crash, gold prices dropped by Rs 10 today. US tariffs, recession fears, and fuel tax hikes add to investor uncertainty.
The stock market sell-off did not affect gold, the gold price fell by this much. Today, on Monday, 7 April, heavy selling is being seen in the stock market. BSE Sensex has fallen by 4000 points in the pre-open market. At the same time, GIFT Nifty also fell by 1100 points. In such a situation, it was believed that investors would move towards safe investments. Due to which the price of gold will increase further. However, today a decline has been seen in the price of 24 carat gold.
The stock market sell-off did not affect gold
The economy of the whole world is shaken by the US tariff. The effect of this tariff has been seen in the Indian stock market. Heavy selling has been seen in the main index of the stock market BSE Sensex and NSE Nifty.
In such a situation, investors turn to safe platforms. Due to which it was being speculated that the price of gold may increase. However, the exact opposite happened.
According to the report of the news agency, the price of gold has fallen in MCX (Multi Commodity Exchange) at 1.01 pm. Today the price of gold has fallen by 0.01 percent. Today on April 7, at 1.01 pm, the price of gold has fallen by Rs 10 per gram. Currently the price of 24 carat gold is Rs 88,065 per 10 grams.
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Gold Price Drops: What is the price of gold in the global market?
Gold prices have also fallen in global markets. The price of gold has fallen by 0.55 percent in foreign markets. The price of gold in US markets is $3,021.51 per ounce. US tariffs have been imposed on more than 180 countries, including India. The US has decided to impose a 26 percent tariff on India.
Since then, there has been a continuous sell-off in the stock markets. At this time it was believed that the price of gold would also increase. But exactly the opposite has happened.
Why did the price of gold fall?
All the rise in gold prices has ended. Actually, after the tariff, the risk of economic recession is increasing all over the world. Due to which investors are starting to sell gold.
Gold Price Drops: Will petrol and diesel become expensive?
On Monday, April 7, the central government decided to increase the excise duty on petrol and diesel. According to the notification of the Revenue Department, the central government has decided to increase the excise duty on petrol and diesel by Rs 2 each. However, the final prices of petrol and diesel will be known tomorrow, i.e., on April 8.
It has been decided to increase the excise duty on petrol by Rs 13 per liter and on diesel by Rs 10 per liter. Excise duty is a tax imposed by the central government, which is considered a major part of the fuel price.
