Gold Prices Rise Dec 13: Record Highs, Indian Demand Wanes

• Gold prices rose on December 13 due to a US Federal Reserve rate cut and a weakening dollar.
• On December 13, 24K gold in Mumbai was Rs 1,33,210 per 10 grams, and 22K gold was Rs 1,22,110 per 10 grams.
• Gold discounts in India widened this week, up to $34 per ounce, as demand fell despite the wedding season due to record high prices.
• International market rates, import duties, taxes, and exchange rate fluctuations primarily influence gold prices in India.
• Gold holds deep cultural and financial significance in India, serving as a preferred investment and being key to celebrations like weddings.

Why It Matters: Gold price surge impacts Indian buyers' finances and cultural traditions.