In the country’s capital Delhi, gold and silver prices have fallen for the second consecutive day. The main reason for the rise in gold prices is being said to be the rise in the dollar index. In fact, Donald Trump, who won the US elections, has said that after taking oath on January 20, he will increase the import duty on goods coming from Canada, Mexico and China. Due to which an increase has been seen in the dollar index. If experts are to be believed, there may be a further decline in the price of gold in the coming days. Let us also tell you what the price of gold has become at present.
Gold and silver became cheaper in Delhi
There was a huge fall in the prices of gold for the second consecutive day and on Tuesday, the price of gold in the country’s capital Delhi fell by Rs 1,250 to Rs 78,150 per 10 grams. According to the All India Bullion Association, the precious metal of 99.9 percent purity fell by Rs 1,000 on Monday and closed at Rs 79,400 per 10 grams. This means that in two days the price of gold has seen a fall of Rs 2,250. Gold of 99.5 percent purity also fell by Rs 1,250 to Rs 77,750 per 10 grams from Monday’s closing level of Rs 79,000 per 10 grams. Silver also fell by Rs 1,100 on Tuesday to Rs 90,600 per kg. In the last session, it had fallen by Rs 1,600 and closed at Rs 91,700 per kg. This means that silver has become cheaper by Rs 2,700 in two days.
Situation in MCX and foreign markets
On the other hand, gold for December delivery rose by Rs 175 or 0.23 percent to Rs 75,486 per 10 grams in futures trading on Multi Commodity Exchange (MCX). On Monday it closed at Rs 75,311 per 10 grams. Meanwhile, silver contracts for December delivery rose by Rs 698, or 0.8 per cent, to Rs 88,397 per kg, from the previous close of Rs 87,699 per kg. Globally, gold futures on Comex rose by $ 13.40 an ounce, or 0.51 percent, to $ 2,656 an ounce. On Monday, the precious metal fell US$100.80 an ounce, or 3.71 percent, to US$2,615.10 an ounce. In the Asian market, silver also increased by 0.94 percent to US $ 30.95 per ounce.
What are the experts saying?
Experts say that Donald Trump’s threat to impose additional tariffs on imports from China, Mexico and Canada, after winning the US elections, attracted investors towards the American currency, while the easing of geopolitical status in the Middle East helped gold prices rise. Safe-haven appeal diminished. Jatin Trivedi, VP Research Analyst – Commodity & Currency, LKP Securities, said gold remained volatile, trading between Rs 74,850-75,500 on MCX, as war premium came down due to easing of tensions in the Middle East. Trivedi said that fluctuations in bullion are expected.