gold and silver
Gold and Silver rate today: The trend of decline in the price of gold and silver continues. Due to sluggish demand from local jewelers and retailers, the price of gold in Delhi bullion market on Monday fell by Rs 250 to Rs 74,100 per 10 grams. All India Sarafa Association gave this information. In the previous trading session, gold of 99.9 percent purity closed at Rs 74,350 per 10 grams. According to All India Sarafa Association, the price of silver also fell by Rs 1,700 to Rs 85,500 per kg due to weak demand from coin makers and industrial units. Meanwhile, the price of gold of 99.5 percent purity fell by Rs 250 to Rs 73,750 per 10 grams.
Decreased demand in the market led to a decrease in price
Traders attributed the fall in gold prices to weak demand from local jewellers and stockists. Globally, Comex gold was trading at $2,531.10 an ounce. “Gold prices rose to $2,564 an ounce on safe-haven demand amid a weak dollar and rising geopolitical tensions in West Asia,” said Kaynat Chainwala, AVP-Commodity Research, Kotak Securities.
This also reduced the price
Besides, strong consumer spending, moderating inflation and better GDP growth in the US have dampened expectations of more aggressive easing by the Federal Reserve, Chainwala said. In Asian trading hours, silver prices fell 0.52 per cent to $28.99 an ounce. In futures trade on Monday, the price of gold remained almost unchanged at Rs 71,600 per 10 grams. On the Multi Commodity Exchange, the price of the contract for delivery in October remained almost unchanged at Rs 71,600 per 10 grams, down by Rs 11 or 0.02 per cent.
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