The demand for gold as a safe-property is expected to increase.
Gold prices saw softening on Monday. Gold, which crossed one lakh rupees, fell by Rs 1,000 to Rs 98,400 per 10 grams in Delhi on April 28. Gold with 99.9 percent purity closed on Thursday at Rs 99,400 per 10 grams. According to PTI news, the All India Bullion Association said that gold with 99.5 percent purity declined by Rs 1,000 to Rs 97,900 per 10 grams, while last time it closed at Rs 98,900 per 10 grams. On the global front, the spot gold fell nearly 1 percent to $ 3,291.04 an ounce.
Silver also became ₹ 1400 cheaper
According to the news, the price of silver fell by Rs 1,400 to Rs 98,500 per kg on Monday amid weak global trend. The last season closed at Rs 99,900 per kg of silver. Silver, spotted in the Asian market, was trading at $ 33.05 an ounce in the Asian market. Local bullion markets remained closed on Friday due to opposition from traders against terrorist attacks in Pahalgam in Jammu and Kashmir.
Gold demand expected to increase
Chintan Mehta, Chief Executive Officer of Absan Financial Services, said that the demand for gold is expected to increase as a safe-property, with regional tensions such as increasing tension between major powers and increasing conflicts between India and Pakistan, increasing the demand for gold as a safe-property, which will become a favorite rescue against market volatility and uncertainty. He said that the US-China trade tension has increased due to reduced risk of investors, which has reduced the demand for bullion with safe investment properties, while strong dollars have increased the pressure on gold, leading to a decline in gold prices. Last Friday, China announced that it would exempt some US imports from its 125 percent tariff, although it denied that there was a formal trade talks.
Tariff related developments will be focused
Senior analyst of commodities of HDFC Securities, Saumil Gandhi said that traders hope this week will be mainly focused on tariff related developments. Gandhi said that on the comprehensive economic front, manufacturing PMI for April may affect the bullion market with PMI data, GDP data and most importantly, US data release such as US non-agricultural payroll and unemployment rates.
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