Since February 12, there has been a continuous decline in silver prices. Since then, the price of silver has fallen by more than Rs 23 thousand. On the other hand, the price of gold has declined after two days of rise. If we look at the data, the prices of precious metals fell by 2 percent in the national capital Delhi on Tuesday. Due to weak signals in the global market, the price of silver fell to Rs 2.45 lakh per kg and the price of gold fell to Rs 1.57 lakh per 10 grams. Let us also tell you what the prices of silver and gold have become in the country’s capital Delhi…
Gold and silver become cheaper in Delhi
According to All India Bullion Association, the price of white metal (gold) declined by Rs 5,000 or 2 per cent to Rs 2,45,000 per kg (including all taxes) from Monday’s closing price of Rs 2,50,000 per kg. The special thing is that since February 12, a fall of Rs 23,500 has been seen in the prices of silver. On February 12, there was no change in the bullion market of Delhi and the price was seen at Rs 2,68,500.
In the bullion market, gold of 99.9 per cent purity fell by Rs 2,200, or 1.4 per cent, to Rs 1,57,000 per 10 grams (including all taxes). In the last session, the price of yellow metal (gold) was Rs 1,59,200 per 10 grams. Kaveri More, commodity analyst at Choice Broking, said gold and silver prices declined on Tuesday as a combination of low liquidity due to holidays in Asian markets and soft US inflation data raised expectations of future interest rate cuts by the Federal Reserve.
Gold and silver in international market
In the international market, spot silver fell US $ 1.65 or 2.15 per cent to US $ 74.96 an ounce, while gold fell 1.04 per cent to US $ 4,938.70 an ounce. Praveen Singh, Head of Commodities and Currency, Mirae Asset Sharekhan, said that spot gold continued to fall for the second consecutive day as investors adopted a cautious approach ahead of the US-Iran talks starting in Geneva on Tuesday. Saumil Gandhi, Senior Analyst – Commodities, HDFC Securities, said gold’s “fragile hold” above the US$5,000 level turned into selling pressure again on Tuesday as the support for the metal weakened with the onset of Lunar New Year holidays in China.
Why did gold and silver become cheaper?
He said the absence of Chinese participation – one of the key drivers of demand – has reduced buying interest and made prices vulnerable to downward pressure. Gandhi further said that liquidity conditions in metals still remain weak, and unless speculative sentiment re-emerges decisively, price movements are likely to remain relatively limited in the near term. Market participants’ attention has now turned to key geopolitical developments including the US ADP employment report and the ongoing US-led talks between Russia and Ukraine. He said the outcome of these talks will have a significant impact on risk sentiment and demand for safe investment assets.