Gold and silver prices are fluctuating ahead of the US Federal Reserve’s monetary policy announcement. Gold prices have fallen for the second consecutive day. In Delhi today, 24-carat gold has become cheaper by ₹ 10 per ten grams, while 22-carat gold has also become cheaper by ₹ 980. In the last two days, the price of 24-carat gold per ten grams has fallen by ₹990 and that of 22-carat gold by ₹910. On the other hand, silver prices in Delhi have increased for the second consecutive day. After a day’s fall, silver prices have increased by ₹1100 per kg in the last two days. The US Federal Reserve meeting is scheduled to be held on December 9-10. There are expectations of interest rate cut. If this happens, gold prices may increase. Low interest rates make bonds less attractive. As a result, investors increase their investments in safe assets like gold.
Gold prices by city
City 24 carat 10 gram gold price 22 carat 10 gram gold price 18 carat 10 gram gold price Delhi ₹1,29,580 ₹1,18,790 ₹97,220 Mumbai ₹1,29,430 ₹1,18,640 ₹97,070 Kolkata ₹1,29,430 ₹1,18,640 ₹97,070 Chennai ₹1,30,090 ₹1,19,990 ₹99,990 Bengaluru ₹1,29,430 ₹1,18,640 ₹97,070 Hyderabad ₹1,29,430 ₹1,18,640 ₹97,070 Lucknow ₹1,29,580 ₹1,18,790 ₹97,220 Patna ₹1,29,480 ₹1,18,690 ₹97,120 Jaipur ₹1,29,580 ₹1,18,790 ₹97,220 Ahmedabad ₹1,29,480 ₹1,18,690 ₹97,120
After one day’s fall, silver prices rise for the second consecutive day
Talking about silver, after a day’s fall, prices have increased by ₹1100 per kg in the last two days in Delhi. Earlier, silver prices had fallen by ₹1000 in a day, and before that, they were stable. However, a day before that, one kilogram of silver had become costlier by ₹3000, and the day before that, it had become cheaper by ₹4000. As of December 10, silver is selling at ₹1,90,100 per kg in Delhi. Today its price has increased by ₹ 100 per kilogram. Among other major metros, it is selling at the same price in Mumbai and Kolkata, but the silver price in Chennai is ₹1,99,100 per kg, which means silver is the most expensive in Chennai among the four major metros.
Why will the bullion market be important this week?
Analysts say that the direction of gold and silver prices this week will mainly be decided by these factors. – Federal Reserve Policy Signals
– Economic data from China and America
– Movement of rupee against dollar
Based on these three factors, significant fluctuations can be expected in the bullion market this week. Prathamesh Mallya of Angel One says that gold has become expensive in India due to the rupee reaching the level of 90. This is the reason why the price of gold in the domestic market has increased more than that of Comex Gold. Mallya also believes that cut in interest rates, increasing demand from central banks and buying by fund houses can increase gold prices further. According to Pranav Mer of JM Financial Services, traders will keep an eye on the FOMC meeting, Federal Reserve Chairman Jerome Powell’s comments, China trade and inflation data and US jobs data. All these factors will decide the direction of gold prices. Regarding silver, Pranav says that industrial demand and low supply are pushing silver prices up, which may reach ₹2,00,000 to ₹2,25,000 per kg in a short time.