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Gold and silver prices fell in the domestic market ahead of the US Federal Reserve’s decision on interest rates. According to HDFC Securities, spot gold (24 carat) prices in Delhi markets are trading at Rs 74,850 per 10 grams, down by Rs 50 from the previous day. Meanwhile, silver prices fell by Rs 800 to Rs 91,300 per kg, while silver prices closed at Rs 92,100 per kg on the previous day. Bullion market experts say that the cut in interest rates by the Fed will increase the pressure on gold and silver. Due to this, the price of both precious metals may fall in the coming days. Anyway, with the start of Shraadh, the demand for gold and silver will fall in the domestic market. Its effect will also be seen on the price.
Gold prices rise on MCX
Gold prices continued their upward trend on MCX and jumped by Rs 170 to Rs 73,264 per 10 gram. On the Multi Commodity Exchange (MCX) futures, the price of gold contract for October delivery was trading higher by Rs 170, or 0.23 per cent, at Rs 73,264 per 10 gram. In the previous trading session on Tuesday, it had closed at Rs 73,094 per 10 gram on the exchange. However, the price of silver contract for December delivery fell by Rs 116, or 0.13 per cent, to Rs 89,024 per kg on Wednesday. In the previous session on Tuesday, silver had closed at Rs 89,140 per kg.
International market boom
Globally, Comex gold is trading 0.42 percent higher at $ 2,603.20 an ounce. Harish V, commodity head, Geojit Financial Services, said, “Gold prices in the international market are approaching their all-time high due to optimism in demand amid rising geopolitical tensions, weak global growth scenario and expectations of interest rate cuts by the US Federal Reserve.” Silver prices in the international markets were quoted at $ 30.97 an ounce with a slight decline.
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