Symbolic photo (GETTY IMAGES)
Good news has come for those who buy gold before Diwali. Gold has become cheaper in the country's capital, Delhi, for the second day in a row. After Thursday, a huge drop in the price of gold was observed on Friday. Due to which the price of gold has become cheaper by Rs 1,450 from the record level. On the other hand, a drop in the price of silver has also been observed. This decrease of Rs 3,000 has been observed. After which the price of silver fell below Rs 1 lakh in Delhi. According to experts, due to profit booking and weak demand in foreign markets, there has been a fall in gold and silver prices. Let us also tell you what gold and silver prices have become in the country's capital, Delhi.
Delhi gold and silver became cheaper
Due to sluggish demand from jewelers and retailers, the price of gold fell between Rs 1,150 and Rs 80,050 per 10 grams in the bullion market in the national capital Delhi on Friday. Apart from this, the price of gold with 99.5 percent purity fell by Rs 350 to Rs 80,450 per 10 grams, while its price was Rs 80,800 per 10 grams the previous day. While the price of gold with 99.9 percent purity fell by Rs 1,150 to Rs 80,050 per 10 grams, while on Thursday its price was Rs 81,200 per 10 grams.
On the other hand, silver also remained under selling pressure and fell Rs 2,000 below Rs 1 lakh to Rs 99,000 per kg. Earlier on Thursday, silver had closed at Rs 1.01 lakh per kg. In the last two days, a drop of Rs 3,000 has been observed in the price of silver. A drop of Rs 1,000 was seen in the price of silver on Thursday. Traders said weak demand from jewelers and retailers in local markets and weak trend in overseas markets weighed on gold prices.
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Gold and Silver Prices on MCX
On the other hand, if we talk about the prices of gold and silver on the Multi Commodity Exchange, they have closed with a slight increase. On Friday, the last day of trading, gold closed at Rs 78,532 with an increase of Rs 205. However, during the trading session, the gold price also reached Rs 78,580. On the other hand, if we talk about the price of silver, on Friday it closed at Rs 97,134 per kg with an increase of Rs 102. However, silver also hit the day's high of Rs 98,069. Globally, gold futures on the commodity market fell $15.90 an ounce or 0.58 percent to $2,733 an ounce. In the Asian market, silver fell 1.39 percent to $33.33 an ounce.
What do the experts say?
Saumil Gandhi, senior analyst (commodities) at HDFC Securities, said gold fell on Friday as US macroeconomic data indicated that a sharp cut in the Federal Reserve's policy rate may not happen. Gandhi said jobless claims in the United States have declined for a second week. This indicates strength in the labor market, while an increase in the S&P PMI indicates strength in the private sector. All of this had an impact on gold prices. However, it said safe-haven investment demand and expectations of improvement in Indian retail demand for upcoming festivals limited losses.
