Gold priceImage Credit Source: File Photo
The fall and bounce in gold and silver prices is determined by the economic activities going on worldwide. The effect of global tension on gold and silver has been seen for a long time, due to which the price of silver in the country was seen today. However, gold did not get support today, due to which it came down by Rs 500 from his record high. At the same time, silver rose by Rs 300 to Rs 1,32,300 per kg reached its all time high.
According to the All India Bullion Association in Delhi, the standard gold with 99.9 percent purity fell by Rs 500 to Rs 1,13,300 per 10 grams on Monday, which broke the process of its four days. On Friday, it reached a record level of Rs 700 to Rs 1,13,800 per 10 grams. With this, 99.5 percent purity fell by Rs 500 to Rs 1,12,800 per 10 grams without tax. It closed at Rs 1,13,300 per 10 grams in the last market session.
Silver price
On the other hand, silver rose by Rs 300 to a record level of Rs 1,32,300 per kg. It closed at Rs 1,32,000 per kg on Friday. Bullion traders said that the continuous growth of silver reflects the increasing interest of investors and optimism towards its industrial demand, as well as the weak American labor market has promoted betting on easy monetary policy.
Silver prices in the current calendar year have increased by Rs 89,700 per kg in December 31, 2024 to Rs 42,600 per kg or 47.5 percent. Senior analyst of HDFC Securities Soumil Gandhi said that gold declined on Monday. Traders remained cautious and avoided new purchases before the policy meeting of the much awaited Federal Reserve. The two -day meeting of the Federal Reserve will start from 16 September and end on 17 September, in which policy decisions will be taken.
Gold condition in global market
Gold in global markets was trading at $ 3,645.12 an ounce in the global markets, while silver was spoken at $ 42.20 an ounce. Motilal Oswal Financial Services analyst Manav Modi said that tension in West Asia and NATO’s new participation in Eastern Europe have been providing risk premium for gold. Manav Modi further said that in the policy meetings of Bank of England and Bank of Japan, the data of American retail sales and industrial production will be monitored this week. These trends will affect bullion prices in the near future.