gold Silver
Gold and silver prices saw a decline for the second consecutive day. The reason for this is the news of non -tariff on gold. In fact, on the first Sunday and then Donald Trump has spoken about not tariff on Swiss Gold. After which, there is a decline in the prices of gold and silver continuously. The special thing is that in these two days, the price of gold in the country’s capital Delhi has been reduced by Rs 1900 and silver price by 3000 rupees. According to experts, due to low political tension and continuation of tariff talk, gold prices have also seen a decline. On the other hand, Fed can cut interest rates in the next policy meeting. Due to this possibility, the prices of gold are also being affected. Let us also tell you how much the price of gold and silver has been seen on Tuesday and how much prices have been done in the present time.
Gold became cheaper and silver for the second consecutive day
According to the All India Bullion Association, gold prices fell by Rs 1,000 to Rs 1,01,520 per 10 grams in the country’s capital Delhi on Tuesday. On Monday, gold with 99.9 per cent purity was cheaper by Rs 900 and closed at Rs 1,02,520 per 10 grams. In local markets, gold with 99.5 per cent purity fell by Rs 1,000 to Rs 1,01,100 per 10 grams (including all taxes) on Tuesday. Meanwhile, the price of silver fell by Rs 2,000 to Rs 1,12,000 per kg (including all taxes) on Tuesday. On Monday, it closed at Rs 1,14,000 per kg. This means that in two days, silver prices have seen a decline of Rs 3000.
Why Gold Prices?
Chintan Mehta, CEO of Absan Financial Services, said that after the US President Donald Trump clarified on social media that no duty on gold would be imposed, gold prices declined. Although the official confirmation from the White House is yet to decrease, but this announcement has reduced some business concerns. In addition, the White House announced on Monday that the suspension of high-level tariffs on China would be extended by 11 November. Mehta said that this decision has helped in reducing the ongoing comprehensive economic stress currently, which has led to a decline in gold prices. On Tuesday, the rupee rose 10 paise to 87.65 against the US dollar in early trade.
This is also the reason for gold being cheaper
Globally, gold was trading at $ 3,347.18 an ounce in New York, with a gain of 0.13 per cent. Augmont’s research head Renisha Chanani said that the announcement of not making gold on gold on Monday reduced the huge increase in import price of metal, causing prices to come down to $ 3,400 an ounce. Silver in foreign markets rose by about 1 percent to $ 37.90 an ounce. Chanani said that investors would keep a close watch on the upcoming American macro economic data, such as CPI, productive price index, and retail sales, which would provide new signals about the direction of the interest rate of the Federal Reserve.
Will gold prices be low
According to commodity market experts, some American Fed officials will play an important role in affecting the dynamics of US dollar prices in the near future and providing some meaningful incentives to the direction of bullion prices. He said that due to speculation in the demand for this safe investment asset, there has been a decline that a ceasefire scheme could be unveiled for the ongoing Russia-Ukraine conflict at a meeting between Trump and his Russian counterpart Vladimir Putin on Friday.