Gold Prices Ayodhya: In Ram-Janma-Bhumi, 24carat Falls By Rs 380 In 10-Grams, Drops By Rs 3,800 In 100-gram

The birthplace of deity Rama, Ayodhya has witnessed a sharp decline in gold prices on Thursday tracking domestic and international prices. Gold prices across retail stores in India have fallen. In Ayodhya, which earlier this month opened the gates for the Ram Mandir, 24-carat, 22-carat and 18-carat across grams get cheaper.

24-carat in 10-gram falls by Rs 380 to Rs 72,420 on April 25, compared to Rs 72,800 on April 24. 100-gram gold in 24-carat saw the steepest drop by Rs 3.800 to Rs 7,24,200 versus Rs 7,28,000. 1-gram gold is down by Rs 38 to Rs 7,242 versus Rs 7,280, while 8-gram gold has slipped by Rs 304 to Rs 57,936 compared to Rs 58,240.

The second sharpest drop was seen in 22-carat gold. Here, 10-gram is down by Rs 350 to Rs 66,400 compared to Rs 66,750, while 100-gram fell by Rs 3,500 to Rs 6,64,000 as against Rs 6,67,500 of the previous day. 1-gram is down by Rs 35 to Rs 6,640 and 8-gram has plunged by Rs 280 to Rs 53,120.

Meanwhile, 18-carat gold also got cheaper. 10-gram was down by Rs 280 to Rs 54,330 versus Rs 54,610, while 100-gram dipped by Rs 2,800 to Rs 5,43,300 compared to the previous day. Further, 1-gram is down by Rs 28 to Rs 5,433, and 8-gram has slipped by Rs 224 to Rs 43,464.

Despite the latest fall, gold prices have risen by more than 4% in April so far.

The gold prices have been volatile due to pullbacks in Israel and Iran conflict in Middle East, while the Rafah mission in Gaza comes into the limelight. It has been expected that easing between Israel-Iran and its proxies would be a spoilsport for safe haven assets like gold that hedge better returns in geopolitical tensions.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said "Gold prices experienced a decline of 180 rupees, retracing 300 rupees from their intraday high. In MCX, the base support is observed at 70000, with resistance at 71250. Meanwhile, in Comex trading, prices were weaker, with a major resistance level at 2335 dollars and immediate support in the range of 2290-2300 dollars. Market participants are closely monitoring the PCE Price Index data in the US on Friday for further insights into the currency's direction."

Ayodhya, renowned as Ram-Janma-Bhumi, holds significance as the birthplace of Lord Ram, a pivotal deity in Hinduism, attracting pilgrims to its holy grounds. With a population of around 1 lakh residents, the city has earned a revered status as a sacred destination.

Ayodhya is glittering with gold shine currently as the inauguration of the Ram Mandir temple has boosted the consumer sentiments in the region. There have been robust sales in Lord Rama-based jewellery and coin collection not just in Ayodhya, but also in most parts of Uttar Pradesh like Kanpur, Lucknow and Meerut. As per the recent news reports, the jewellers in the city as overly optimistic for the sales expected ahead, especially in gold-plated statues and coins ranging from 4 to 30 grams. Moreover, the rise of economic activities in the region would support for uplifting gold demand along with stable gold rates in Ayodhya.