Diwali There has been a huge drop in the price of gold as soon as the festival of Rs. On Monday, due to fresh sales by stockists and retail traders in the Delhi bullion market, the price of gold fell below its record level. In the Delhi bullion market on Monday, the price of gold fell by Rs 1,300 to Rs 81,100 per 10 grams. All India Bullion Association has provided this information about the latest gold price. According to the All India Bullion Association, gold of 99.9 per cent purity remained unchanged at its new record of Rs 82,400 per 10 grams in Delhi on Thursday (Diwali) last week.
Tremendous drop in the price of silver too
Along with gold, silver price also remained under selling pressure and fell below Rs 95,000. Today the price of silver fell sharply by Rs 4,600 to Rs 94,900 per kg, while in the last trading session on Thursday, the price of one kg of silver had closed at Rs 99,500. Traders say gold prices have been hit due to sluggish demand from jewelers and retail traders in local markets.
The price of gold with a purity of 99.5 percent also fell.
On Monday, the price of gold with 99.5 percent purity also fell by Rs 1,300 to Rs 80,700 per 10 grams. While in the last session on Thursday, its price was Rs 82,000 per 10 grams, which is its all-time high. Jatin Trivedi, VP Research Analyst (Commodities & Currency) at LKP Securities, said: “Gold prices experienced volatility as gold found support around $2,730 on Comex but failed to break above $2,750.”
The US elections will have an impact
Jatin Trivedi said, “The results of the US elections will be known in the next two days, so a mixed effect can be seen in the market, as a result of which MCX may trade in a limited range between Rs 78,000 and Rs 79,000. ” Globally, Comex gold futures rose 0.13 percent or $3.6 an ounce to $2,752.80 an ounce. On the other hand, in the Asian market, Comex silver futures rose 0.78 percent to $32.94 an ounce.
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