Thursday finally saw a break in the continued rise in gold and silver prices. Gold and silver prices fell below record levels in the national capital. The price of gold with 99.9 percent purity fell by Rs 300 from the all-time high of Rs 81,500 per 10 gram to Rs 81,200 per 10 gram. According to PTI News, the silver price also fell by Rs 1,000 on Thursday to Rs 1.01 lakh per kg, breaking the six-day uptrend. The yellow metal with 99.5 per cent purity fell by Rs 300 to Rs 80,800 per 10 gram on Wednesday compared to the previous closing price of Rs 81,100 per 10 gram.
The decline occurred for these reasons.
According to the All India Bullion Association, gold and silver prices fell due to weak demand from jewelers and weak demand from industrial units and coin manufacturers, the news said. Traders said precious metal prices fell due to weak demand from jewelers in the local market, while strong global trends limited losses.
How was the price in the futures market?
In futures trading on Multi Commodity Exchange (MCX), the price of gold contracts for December delivery rose by Rs 549 to Rs 78,361 per 10 grams. On Wednesday, the yellow metal hit a new high of Rs 78,919 per 10 grams. Gold prices remained positive due to the weakness of the dollar. After seeing some selling pressure on Wednesday, gold rose sharply.
Get the opinion of the experts
Jatin Trivedi, vice president of research and commodity and currency analyst at LKP Securities, said this improvement highlights the strong underlying sentiment for gold, which continues to benefit from the broader macroeconomic environment, especially as the US dollar remains stable. Silver contracts for December delivery were trading Rs 1,465, or 1.51 percent, higher at Rs 98,425 per kg on MCX. In the international market, Comex gold futures rose 0.73 percent to $2,749.30 an ounce.
Manav Modi, Senior Commodity Research Analyst at Motilal Oswal Financial Services Ltd, said gold and silver prices are trading stably due to increased safe haven demand due to market uncertainty regarding the US presidential election and continued tension in the Middle East. Comex silver futures rose $1.72 to $34.42 an ounce in the Asian market.
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