After a rise of 6 thousand rupees in four days, a fall in the price of gold was seen in the country’s capital Delhi and the price went below the life time high. According to experts, after reaching the record level, investors booked profits in gold. Due to which a fall in silver prices was seen. However, after no change in two days, movement has been seen in the price of silver. If experts are to be believed, good news has been received on the unemployment front in the country. Due to which a rise in the prices of gold and silver can be seen in the coming days. Let us also tell you what is the price of gold and silver in the country’s capital Delhi?
fall in gold prices
After four days of record-breaking gains, gold prices in the national capital fell by Rs 1,700 on Tuesday to Rs 1,35,900 per 10 grams. According to All India Bullion Association, investors booked profits amid weak global cues, due to which prices fell. Gold with 99.9 percent purity had increased by Rs 4,000 on Monday to reach a lifetime high of Rs 1,37,600 per 10 grams. In the last four days, the price of the metal increased by Rs 6,000 and was trading at a record high.
Jatin Trivedi, Vice President Research Analyst – Commodity & Currency, LKP Securities, said gold prices witnessed profit-taking and remained volatile. The yellow metal remained under pressure in the global markets, slipping towards the level of US $ 4,275. HDFC Securities Research Analyst Dilip Parmar also expressed the same sentiment and said that domestic gold prices also softened, stopping the four-day rise. However, these losses were largely mitigated by the continued weakness of the Indian rupee, which remained at a record low.
Silver also became cheaper
Silver prices also fell by Rs 1,000 in the local bullion markets and reached Rs 1,98,500 per kg (including all taxes). According to the association, the white metal remained stable at Rs 1,99,500 per kg, which is also its highest level till date. Parmar further said that physical jewelery demand is expected to decline with the advent of the inauspicious period, while investment demand is expected to remain strong, driven by the current risk-averse sentiments in the market.
Gold became cheaper in international market also
In international markets, spot gold prices snapped a five-day losing streak and fell by US $ 27.80, or 0.65 per cent, to US $ 4,277.42 an ounce. Dilip Parmar said gold prices fell marginally after five consecutive sessions of rise as market participants strategically positioned their positions ahead of key US economic data to be released this week.
He further said that these upcoming reports will provide important clarity about the possibility of further cut in interest rates by the Federal Reserve, which is a key macroeconomic catalyst for the non-yielding asset. Spot silver prices in overseas markets also fell by US $ 1.07 or 1.67 percent to US $ 63.02 an ounce.