There is pressure on precious metals with safe investment.
In the national capital, the price of gold fell by Rs 1,550 to Rs 91,450 per 10 grams on Monday. On Friday, this precious metal with 99.9 percent purity closed at Rs 93,000 per 10 grams. The price of gold declined a major decline due to huge selling and weak global trends of jewelery vendors and stockists. According to PTI news, gold with 99.5 percent purity fell by Rs 1,550 to Rs 91,000 per 10 grams. It closed at Rs 92,550 per 10 grams in the last market bandh.
Big upset in silver price too
According to the news, silver prices fell from Rs 95,500 per kg to Rs 3,000 to Rs 92,500 per kg on Monday, continuing the decline of decline for the fifth consecutive day. In the last five sessions, silver had fallen by Rs 10,500 per kg. However, silver spot in the Asian market increased by 1.65 percent to $ 30.04 an ounce.
What do experts say
Senior analyst of commodities of HDFC Securities, Saumil Gandhi said, “The price of gold declined on Monday, as the stock market and other asset classes continue to be sold in panic, causing pressure on precious investment metals. On the global front, on the global front, the spot fell at $ 10.16 or 0.33 percent to $ 3,027.20 per $ 3,027.20 per cent.
Jatin Trivedi, VP research analyst of commodity and currency in LKP Securities, said the perception of investors was cautious, as they are expecting more clarity about its next step from the US, especially amid growing trade stress. Trivedi said that the upcoming American Consumer Price Index (CPI) can play an important role in shaping the expectations of cutting interest rates, which can affect gold direction globally.
Monetary policy review meeting
Investors for domestic markets will also keep a close watch on the Reserve Bank of India’s monetary policy review meeting later this week. According to Kotak Securities, US President Donald Trump’s tariff and China’s retaliatory measures weakened the market notion, causing a sharp decline in gold prices as well as a widespread fall in the market.
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