Due to the fall of the dollar in the international market and decline in the prices of crude oil, there was a rise in the prices of gold and silver in the Indian capital Delhi. Where an increase of Rs 2300 was seen in the prices of gold. On the other hand, a rise of Rs 5 thousand was seen in the price of silver. There is news that an agreement can be reached between Iran and America at any time. Due to which the chances of declaration of ceasefire have increased. After which the Strait of Hormuz will open. If experts are to be believed, there may be fluctuations in the prices of gold and silver in the coming days. Let us also tell you what the prices of gold and silver can be in the country’s capital Delhi.
What was the price of gold and silver in Delhi?
On Monday, silver prices in the national capital rose by Rs 5,000 to Rs 2.42 lakh per kg, while gold prices rose to Rs 1.53 lakh per 10 grams due to softening of crude oil rates and weakening of the US dollar. According to the All India Bullion Association, the price of the white metal rose by Rs 5,000, or 2.11 per cent, to Rs 2,42,000 per kg (including all taxes) from Friday’s closing price of Rs 2,37,000 per kg. The price of gold of 99.9 per cent purity also rose by Rs 2,300, or 1.52 per cent, to Rs 1,53,800 per 10 grams (including all taxes). In the last session it had closed at Rs 1,51,500 per 10 grams. Analysts said that after the recent fall in precious metal prices, bullion prices improved due to ‘value buying’ (buying at lower prices).
Why did gold and silver rise?
Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, said gold prices improved on Monday as traders made bargain purchases at lower prices; This also got support from the weakening of the US dollar and the fall in oil prices. He further said that precious metals prices are expected to remain sensitive to geopolitical developments in West Asia, which will continue to play an important role in determining the market direction in the domestic markets.
Gold and silver became expensive in the international market also
In the international market, spot silver rose 0.5 per cent to US$73.37 an ounce, and gold rose 0.14 per cent to US$4,682.80 an ounce. Praveen Singh, head of commodities at Mirae Asset Sharekhan, said spot gold was trading at US$4,680 an ounce, up about 0.2 per cent; This happened as crude oil prices softened ahead of US President Donald Trump’s April 7 deadline on the possibility of a ceasefire in the Iran conflict. However, he also said that due to America’s strong macro-economic data, the rise in gold prices may remain limited. He said that encouraging employment figures can keep bullion prices volatile and unstable.
What could be the situation ahead?
Kainat Chainwala, AVP Commodity Research, Kotak Securities, said geopolitics will remain the main factor this week, and developments around the Strait of Hormuz are expected to overshadow the previously scheduled macro data release. He further said that traders will keep a close eye on FOMC minutes, US Core Personal Consumption Expenditure and Consumer Price Index. Their impact on the market may remain limited until there is some solid stability in the geopolitical situation.