Where on the one hand, the prices of gold in the country’s capital Delhi are seeing a significant rise. On the other hand, gold prices are increasing in foreign markets. By the way, this is rarely seen. The country’s capital Delhi has seen a decline for the third consecutive day. If we look at the data, gold prices in Delhi have reduced by Rs 2,400 in 3 days. There are many reasons for the fall in Delhi gold prices. In which the most important gold prices reached the record level recently.
Due to which investors have now started selling gold. The effect of which is being seen in prices. On the other hand, the reason for the rise in gold prices in foreign markets is that Trump is constantly putting political pressure on the fed chairman to cut interest rates. Due to which tensions have arisen in investors. Let us also tell you how much Akhir gold and silver prices have gone.
Gold declines for third consecutive day
According to the All India Bullion Association, the price of gold in the country’s capital Delhi fell by Rs 500 to Rs 1,01,020 per 10 grams. The special thing is that gold prices have seen a decline for the third consecutive day. Where gold was broken by Rs 900 on Monday, the price of gold was reduced by Rs 1000 on Tuesday, while on Wednesday, there has been a decline of Rs 500 per ten grams. In this way, gold prices have seen a decline of Rs 2,400 in 3 days. In the last market session, gold with 99.9 per cent purity closed at Rs 1,01,520 per 10 grams. In the national capital, gold with 99.5 per cent purity fell by Rs 500 to Rs 1,00,600 per 10 grams (including all taxes) on Wednesday.
Gold became expensive in foreign markets
However, silver prices on Wednesday remained stable at Rs 1,12,000 per kg (including all taxes). Whereas earlier silver prices had seen a decline of Rs 3,000 per kg in two consecutive days. In contrast, gold in New York in foreign markets increased by $ 10.79 or 0.32 percent to $ 3,358.99 an ounce. The spot silver rose 1.58 percent to $ 38.51 an ounce. In this regard, Kayanat Chanwala, AVP of Commodity Research in Kotak Securities, said that for further information about the future of the monetary policy, traders are waiting for the American productive price index and retail sale figures as well as the speeches of several Fed officers, which is doing the stable trading around $ 3,350 an ounces.
Will gold be expensive even further?
Chintan Mehta, CEO of Absimed Financial Services, said that the political pressure issued by US President Donald Trump to reduce interest rates on Federal Reserve President Geom Powell has raised the market concern, which further strengthened the situation as a safe investment property of gold. According to Saumil Gandhi, senior analyst of commodities at HDFC Securities, traders are now focusing on the upcoming talks between US President Donald Trump and his Russian counterpart Vladimir Putin on Friday, which can give a new direction to gold prices.