Global Markets Gold prices on Thursday fell by Rs 350 to Rs 72,850 per 10 gram in the bullion market of the national capital amid weak trend in gold. While silver closed below its record high. According to HDFC Securities, the price of silver fell by Rs 1,100 to Rs 96,000 per kg. On Wednesday, silver had closed at Rs 97,100 per kg. Meanwhile, the price of gold fell by Rs 350 to Rs 72,850 per 10 gram. In the previous session, gold had closed at Rs 73,200 per 10 gram.
This caused a drop in price
Saumil Gandhi, Senior Analyst-Commodities at HDFC Securities, said, “Gold declined on Thursday as investors assessed the recent aggressive comments by Federal Reserve officials on US interest rates. Aggressive comments have weakened expectations of a possible interest rate cut.” He said, “The improvement in US bond yields, which hit a four-week high in the previous session, also negatively impacted the prices of precious metals.
International market also declined
In the international market Comex (commodity market), spot gold was trading at $ 2,339 per ounce, which is $ 13 less than the previous closing price. Apart from this, silver is also trading at $ 31.65 per ounce with a decline. Amid weak spot demand, speculators reduced the size of their deals, due to which the price of gold in futures trading on Thursday fell by Rs 301 to Rs 71,970 per 10 grams. In the Multi Commodity Exchange, the price of the contract for supply in the month of August fell by Rs 301 or 0.42 percent to Rs 71,970 per 10 grams. 16,838 lots were traded in it. Market analysts said that gold futures prices fell due to weak global signals.
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