Delhi bullion market was seen quite calm on Wednesday. Where a slight increase was seen in the price of silver. On the other hand, there was a slight decline in the price of gold. According to experts, due to the rise in the dollar index and no special trigger in the international market, there is no significant fluctuation in the prices of gold and silver. The special thing is that there is a lot of uncertainty regarding the policy outlook. Due to which there is continuing pressure on 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 prices in Delhi
According to All India Bullion Association, after three days of decline, silver prices rose by Rs 1,000 to Rs 2.46 lakh per kg on Wednesday tracking a strong trend in the international market. However, gold of 99.9 percent purity fell by Rs 300 to Rs 1,56,700 per 10 grams (including all taxes). Gaurav Garg, Research Analyst, Lemon Markets Desk, said, “Silver gained marginally on Wednesday, stabilizing after the recent sharp decline as bargain buying took place at lower levels. He said short-term sentiment remains cautious amid a strong US dollar and uncertainty over the US Federal Reserve’s policy outlook. However, ongoing buying by safe-havens and central banks is providing support to the downside.
Gold and silver in international market
In the international market, spot silver rose USD 2.06 or 3 per cent to USD 75.60 an ounce, and gold rose almost 1 per cent to USD 4,918.64 an ounce. Gold remained in a narrow trading range amid mixed global cues as investors refrained from making big directional bets ahead of the release of FOMC minutes later in the day, said Saumil Gandhi, Senior Analyst – Commodities, HDFC Securities. He further said that the minutes are expected to provide information about Fed policymakers’ assessment of the possible timing of future rate cuts, elements that could have a major impact on US Treasury yields, the dollar and subsequently bullion prices.