Good news has come for those buying gold before Diwali. Gold has become cheaper in the country’s capital Delhi for the second consecutive day. After Thursday, a big fall in the price of gold was seen on Friday. Due to which the price of gold has become cheaper by Rs 1,450 from the record level. On the other hand, a decline has also been seen in the price of silver. This decline of Rs 3000 has been seen. After which the price of silver has come down to below Rs 1 lakh in Delhi. According to experts, due to profit booking and weak demand in foreign markets, there has been a decline in the prices of gold and silver. Let us also tell you what the prices of gold and silver have become in the country’s capital Delhi.
Delhi gold and silver became cheaper
Due to sluggish demand from jewelers and retailers, the price of gold fell by Rs 1,150 to Rs 80,050 per 10 grams in the bullion market of the national capital Delhi on Friday. Apart from this, the price of gold of 99.5 percent purity fell by Rs 350 to Rs 80,450 per 10 grams, whereas on the previous day its price was Rs 80,800 per 10 grams. Whereas the price of gold of 99.9 percent purity fell by Rs 1,150 to Rs 80,050 per 10 grams, whereas on Thursday its price was Rs 81,200 per 10 grams.
On the other hand, silver also remained under selling pressure and slipped by Rs 2,000 to Rs 99,000 per kg, below Rs 1 lakh. Earlier on Thursday, silver had closed at Rs 1.01 lakh per kg. In the last two days, a fall of Rs 3 thousand has been seen in the price of silver. On Thursday, a fall of Rs 1000 was seen in the price of silver. Traders said weak demand from jewelers and retailers in local markets and weak trend in overseas markets weighed on gold prices.
Gold and silver prices on MCX
On the other hand, if we talk about the prices of gold and silver on Multi Commodity Exchange, they have closed with a slight rise. On the last trading day on Friday, gold closed at Rs 78,532 with a rise of Rs 205. However, during the trading session the price of gold had also reached Rs 78,580. On the other hand, if we talk about the price of silver, it closed at Rs 97,134 per kg on Friday with a rise of Rs 102. However, silver had also reached the day’s high at Rs 98,069. Globally, gold futures in the commodity market fell by $ 15.90 per ounce or 0.58 percent to $ 2,733 per ounce. In the Asian market, silver fell 1.39 percent to $ 33.33 an ounce.
What are the experts saying?
Saumil Gandhi, Senior Analyst (Commodities) at HDFC Securities, said that gold declined on Friday as US macroeconomic data indicated that a sharp cut in the US Federal Reserve policy rate may not happen. Gandhi said that unemployment claims in America have declined for the second week. This indicates strength in the labor market, while a rise in the S&P PMI indicates strength in the private sector. All this had an impact on gold prices. However, he said demand for safe haven investments and expectations of improvement in India’s retail demand for the upcoming festivals limited the losses.
