In the country’s capital Delhi, the prices of gold and silver have seen a decline for the second consecutive day. Experts believe that due to reduced tariff concerns, there has been pressure in gold and silver prices. In the coming days, there may be further decline in the prices of gold and silver. Experts say that many countries may have a tariff deal with America. In such a situation, the prices of gold and silver can be seen. On the other hand, there has been a decline in the price of gold and silver in foreign markets. Let us also tell you how much gold and silver prices have been increased in the country’s capital Delhi.
Gold price fall in Delhi
On Friday, gold prices continued to fall for the second consecutive day in the country’s capital Delhi and it fell by Rs 500 to Rs 99,120 per 10 grams. According to the All India Bullion Association, gold with 99.9 percent purity closed at Rs 99,620 per 10 grams on Thursday. In local markets, gold with 99.5 per cent purity also fell by Rs 500 to Rs 98,750 per 10 grams (including all taxes) on Friday, while the previous closed level was Rs 99,250 per 10 grams. However, according to the association, silver prices on Friday remained stable at Rs 1,15,000 per kg (including all taxes).
And gold prices may fall
Soumil Gandhi, Senior Anellist (Commodities) of HDFC Securities, said that gold prices declined on Friday, as tariff concerns declined, US dollars rose and strong employment markets reduced the expectations of the US Federal Reserve several times. Gandhi further stated that the US has already signed a trade agreement with Japan and the US-European Union has remained optimism about the trade agreement. Additionally, the US is expected to have a trade agreement with India, Mexico and Brazil, which may further increase the selling pressure in bullion.
What will be the focus next?
Jatin Trivedi, Vice President of LKP Securities, Jatin Trivedi, said that these developments can lead to volatility in gold, especially at high levels. Now the attention focuses on the interest rate decision of the Fed next week, which will be important for the direction of bullion prices. In the international market, the spot gold fell by $ 20.72 or 0.62 percent to $ 3,347.94 an ounce. Gold was trading at $ 3,345 an ounce due to low appeal for safe investment due to the expectations of tariff agreements between business partners like the US and Japan and the European Union. Globally, silver spot fell 0.35 percent to $ 38.92 an ounce.