Published on 2016-07-01
Gold price changes daily as it depends on various world political and economic factors like major country economies and their stock markets indices, major currencies exchange rates such as US Dollar, gold mining, gold consumption by countries like India and China, wars, sanctions against a major economy country and more such things at the global level do impact the price of gold in the international market.
Local factors like demand and supply of gold in the domestic market, festive season buying, bumper or bad crop, good or bad monsoon or monsoon news, states taxes, change in trade policies and other such things do drive the consumption of gold in the Indian market which eventually impacts the gold price locally and internationally as well.
Gold price just doesn't changes daily but every couple of seconds during market trading hours. In local markets gold purchase price for a common man buying gold to make jewellery is generally fixed for the day by the local jewellers association or gold traders for the day unless there's a major change in gold rate in the international market.
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