The price of gold and silver took a sharp dive on Monday. Due to weak demand from jewelers, the price of gold in the Delhi bullion market on Monday fell by Rs 950 to Rs 71,050 per 10 gram. The All India Sarafa Association said that in the previous trading session, gold of 99.9 percent purity had closed at Rs 72,000 per 10 gram. According to Bhasha news, the price of gold of 99.5 percent purity also fell by Rs 1,650 to Rs 70,700 per 10 gram. It had closed at Rs 72,350 per 10 gram on Saturday.
The price of silver crashed
According to the news, the price of silver also fell by Rs 4,500 to Rs 84,500 per kg. This is the biggest fall in silver prices in a single trading day in 2024. In the previous session, it closed at Rs 89,000 per kg. Silver declined due to weak demand from coin makers and industrial units. Traders said that gold prices fell due to reduced demand from jewelers as well as retail buyers in the market.
Tremendous effect of reduction in customs duty
Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd, said that last week Finance Minister Nirmala Sitharaman announced a reduction in customs duty from 15 percent to six percent in the budget, which had an impact on the domestic front. He said that after the reduction in import duty, the gold premium in India reached a decade’s highest level.
However, on the global front, gold was trading higher by $10.60 an ounce at $2,438.50 an ounce on Comex. He said that this week all attention will be on the Federal Reserve’s policy meeting, US consumer confidence, factory orders and employment market data.
gold in futures trading today
On Monday, the price of gold rose by Rs 252 to Rs 68,438 per 10 gram in futures trading as speculators bought fresh deals amid strong spot demand. On the Multi Commodity Exchange, the price of the contract for delivery in the month of August rose by Rs 252 or 0.37 per cent to Rs 68,438 per 10 gram. Globally, gold rose by 0.34 per cent to $ 2,406.20 per ounce in New York.
Silver crashes in futures trading
On Monday, the price of silver in futures trade rose by Rs 465 to Rs 81,836 per kg. At the Multi Commodity Exchange, the price of silver contract for delivery in September rose by Rs 465, or 0.57 per cent, to Rs 81,836 per kg. 81,772 lots were traded in it. Globally, the price of silver in New York rose by 0.43 per cent to $28.14 per ounce.
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