Gold prices have dropped to Rs 77,000 per 10 grams on Monday, following a decline in demand after the festive season. As per the Indian Bullion Jewelers Association (IBJA), the price of 24-carat gold now stands at Rs 77,030 per 10 grams, while 22-carat gold is priced at Rs 75,180 per 10 grams. The cost of 20-carat gold is Rs 68,550 per 10 grams.

For lower-carat gold, 18-carat gold is priced at Rs 62,390 per 10 grams, and 14-carat gold is at Rs 49,680 per 10 grams.

This fall in prices comes after a significant rise in October. On November 6, gold prices reached their lowest level of the month at Rs 76,980 per 10 grams. The drop is mainly due to weakening demand following the festive season.

During the festivities, 24-carat gold had reached a high of Rs 81,500 per 10 grams on October 23.

Gold futures prices have also declined. The December contract price for gold on MCX is now Rs 76,795 per 10 grams.

This downward trend is observed both in domestic and international markets. The global price of gold stands at $2,669 per ounce, up from $2,647 per ounce last Friday.

The decrease in global gold prices is attributed to reduced uncertainty after the US elections and the strengthening of the dollar.

Silver prices have also fallen, now priced at Rs 91,310 per kg. The December futures price for silver on MCX is Rs 90,888 per kg, while the global price is $31.40 per ounce.

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