Gold and silver prices fell on Monday after the failure of peace talks between the US and Iran in Pakistan. Its biggest reason is the increase in the dollar index. Which has currently reached close to 99. According to experts, the dollar index will increase. However, there will be a decline in the prices of gold and silver. At the same time, he said that inflation figures are also not coming in the same way. Due to which there is pressure in the prices of gold and silver. Let us also tell you what the prices of gold and silver have become in the country’s capital Delhi.
Gold and silver became cheaper in Delhi
On Monday, silver prices fell by Rs 1,800 to Rs 2.45 lakh per kg in the country’s capital Delhi, while gold fell to Rs 1.55 lakh per 10 grams amid weak global cues. According to the All India Bullion Association, the price of the white metal fell by Rs 1,800, or about 1 per cent, to Rs 2,45,200 per kg (including all taxes), which is lower than Friday’s closing price of Rs 2,47,000 per kg. Gold with 99.9 percent purity also fell by Rs 300 to Rs 1,55,000 per 10 grams (including all taxes). In the last trading session, the price of this yellow metal closed at Rs 1,55,300 per 10 grams.
Why did the decline occur?
Saumil Gandhi, senior analyst of commodities at HDFC Securities, said that due to failure to reach any agreement in the ceasefire talks between America and Iran over the weekend, the prices of precious metals opened with a decline on Monday. He said that this obstruction in talks had an impact on the market sentiment, which gave impetus to the improvement in the US dollar and treasury yields. Bullion markets will remain closed on Tuesday on the occasion of Dr. Babasaheb Ambedkar Jayanti. A decline in the prices of precious metals was also seen in the international markets. Spot silver fell $1.58, or 2.09 percent, to $74.31 an ounce, while gold fell $25.92 to $4,722.26 an ounce.
what do experts say
Jatin Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said that profit booking was seen in gold. The reason for this was the reports which said that America may consider deploying its army there for the security of Hormuz Strait and closing this route 100 percent. Due to this, the fears of prolonged disruption and rise in crude oil prices had increased. He further said that after the initial fall, the prices improved and again reached above the level of $ 4,700. This happened as markets tried to balance the risks of tensions rising and the potential for tensions to ease. Trivedi said that the level of volatility in the market still remains high, as the impact of geopolitical uncertainty dominates the market trend.