gold Silver
Gold and silver prices fell on Wednesday due to weakness in global markets and uncertainty over the ceasefire agreement between America and Iran. In the bullion market of the national capital Delhi, gold fell by Rs 1,850 to Rs 1.59 lakh per 10 grams. At the same time, the price of silver also declined by Rs 1,500.
According to All India Bullion Association, gold of 99.9 percent purity fell by Rs 1,850, or 1.14 percent, to Rs 1,59,600 per 10 grams (including all taxes). Earlier on Tuesday, gold had closed at the level of Rs 1,61,450 per 10 grams.
Softness seen in silver also
Along with gold, there was pressure on the prices of silver also. Silver became cheaper by Rs 1,500 i.e. 0.55 percent and reached Rs 2,69,500 per kg. In the last trading session, silver had closed at Rs 2,71,000 per kg. Market experts believe that global economic conditions and changing strategies of investors are affecting the prices of precious metals.
Weak signal received from international market
According to Gaurav Garg, Research Analyst at Lemon Markets Desk, the increasing tension between America and Iran and the fear of interest rates remaining high for a long time have put pressure on gold and silver. Generally, when interest rates remain high, investors start staying away from non-interest bearing assets like gold.
In the international market, spot gold fell by 0.54 percent to $ 4,463.84 an ounce. At the same time, the price of silver fell by about 1 percent and was seen trading at $ 74.43 an ounce.
What will be the trend going forward?
Praveen Singh, Commodity Head, Mirae Asset Sharekhan, says that there is still no clarity regarding the possible agreement between America and Iran. Due to this, there is caution among investors and pressure is being seen on gold prices.
According to experts, in the coming days, geopolitical developments, signals related to US interest rates and global economic data will decide the direction of gold and silver. In such a situation, investors are being advised to keep an eye on the market movements.
