The sharp rise in dollar index and US is also impacting the prices.
The price of gold slipped from its record high on Tuesday. The price of gold in the national capital fell by Rs 50 to Rs 78,650 per 10 grams on October 15, 2024. According to All India Bullion Association, silver prices fell by Rs 1,000 to Rs 92,500 per kg amid fresh selling by stockists and retailers, while it was last closed at Rs 93,500 per kg. Let us tell you, on Monday, the precious metal of 99.9 percent purity had increased by Rs 200 to reach an all-time high of Rs 78,700 per 10 grams.
99.5% purity gold
According to the news, on Tuesday, gold of 99.5 percent purity fell by Rs 50 to Rs 78,250 per 10 grams. On Monday, it had closed at Rs 78,300 per 10 grams and reached its record high. Traders attributed the fall in prices of the yellow metal to weak demand from local jewelers.
Gold gets support in futures trade due to weakening of dollar
However, gold contracts for December delivery rose by Rs 54, or 0.07 per cent, to Rs 76,100 per 10 gram in futures trade on the Multi Commodity Exchange (MCX). However, silver contracts for December delivery fell by Rs 101, or 0.11 per cent, to Rs 90,635 per kg on MCX.
Jatin Trivedi, Vice President Research Analyst, Commodity & Currency, LKP Securities, said that gold, however, found support due to weak dollar and rose to US$ 2,655 from US$ 2,640. Globally, Comex gold rose 0.16 per cent to 2,669. Reached US$90 per ounce.
Expert opinion
Manav Modi, Senior Analyst, Commodity Research, Motilal Oswal Financial Services Ltd, said gold prices remained steady as we awaited more cues on US interest rates from a series of US Federal Reserve speakers this week, while on the back of a cut in November. The stakes continued. The sharp rise in dollar index and US is also impacting the prices. In foreign markets, silver rose 0.08 percent to $31.34 an ounce.
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