Gold prices have been zooming upwards in the recent past and this has caused a lot of buzz around the whole word. Recently, it had seen the highest peak.

Now, the reports are of the view that there seems like a bit of water sprinkled water on fire and the prices have seen a dip of more than 1%.

It had gone up to almost Rs 28, 000 for 10gms. It has now come to Rs. 27, 735 per 10 grams in the trading this afternoon.

In the previous seven sessions of trading, the prices of Gold had seen a rise of as much as 9.5%. The reason for this slight respite in the prices of gold seems to be the gain that rupee made against the euro as well as some of the other Asian currencies. It seems indispensible how the position of the rupee sees changes in the cost of gold. The base price of the precious yellow metal which is getting more and more precious every day is determined in close collaboration with the rupee.

“Demand is slightly up today. I think Indian buyers have started buying stories of gold hitting 2000 mark anytime soon”, said a dealer with a private bullion importing bank in Mumbai.