There was a huge drop in gold and silver prices in the national capital. Gold fell by Rs 1,650 and fell below the level of Rs 80,000. Silver also became cheaper by Rs 2,900 per kg. According to the All India Bullion Association, the price of gold today fell by Rs 1,650 to Rs 79,500 per 10 grams. Last day its price had closed at 81,150 rupees per 10 grams. According to PTI News, silver also fell by Rs 2,900 to Rs 93,800 per kg. On Wednesday, its price remained stable at Rs 96,700 per kg.
Prices dropped for these reasons.
According to the news, traders said the main reason for the price drop was weak demand from local jewelers amid the weak trend abroad. Silver prices also fell due to weak buying by industrial units and coin manufacturers. According to the All India Bullion Association, the price of gold with 99.5 percent purity also fell by Rs 1,650 to Rs 79,100 per 10 grams. In the previous session, it had closed at Rs 80,750 per 10 grams.
How was the futures market?
Gold contracts for December delivery were trading steady at Rs 76,655 per 10 gram in futures trading on the Multi Commodity Exchange (MCX). However, silver contracts for December delivery were down Rs 9, or 0.01 percent, at Rs 90,811 per kg. Comex gold futures fell $1.90 an ounce, or 0.07 percent, to $2,674.40 an ounce in Asian trading. In global markets, silver fell 0.24 percent to $31.26 an ounce.
What do the experts say?
Jatin Trivedi, vice president of research and analyst (commodities and currencies) at LKP Securities, said gold is trading in a stable to tight range as market participants await the outcome of the Federal Reserve (Fed) meeting this year. night, in which a 0.25 percent reduction in interest rates is expected. expected. Here, Saumil Gandhi, senior commodities analyst at HDFC Securities, says gold prices fell due to reduced safe-haven flows amid Trump’s trade enthusiasm and shift in capital flows towards risky assets like Bitcoin and the stock markets.
As for the market outlook for gold, traders said the future movement of the precious metal will depend on the Federal Reserve’s comments and subsequent rate decisions. Although rates are expected to fall, the pace and scope of these cuts will be key to the yellow metal’s appeal.
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