global market Due to weak trend in the national capital, gold fell by Rs 350 on Friday and closed at Rs 72,000 per 10 grams in the bullion market of the national capital. In the last trading session, gold had closed at Rs 72,350 per 10 grams. However, silver price remained unchanged at Rs 83,500 per kg. Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities, said that amid the softening trend overseas, spot gold (24 carat) in Delhi stood at Rs 72,000 per 10 grams, which is Rs 350 less than the previous closing price.
Global market also declined
In the global market Comex (commodity market), spot gold stood at $ 2,297 an ounce, which is seven dollars less than the previous closing price. Gandhi said gold prices fell on Friday due to concerns that the US Federal Reserve would take time to cut interest rates. The delay in interest rate reduction is due to the persistence of inflation risks. Additionally, the asset, considered a safe haven for investment, continues to decline following a possible ceasefire between Israel and Hamas, he said. However, silver rose marginally to $26.50 an ounce. In the last session it had closed at $ 26.45 an ounce.
Due to this pressure on bullion prices
Navneet Damani, senior vice president, commodity research at Motilal Oswal Financial Services, said that on the data front, US consumer confidence remained lower than expected, while US weekly unemployment claims and factory orders remained higher. This put pressure on bullion prices.
Gold futures prices fall
Amid weak spot demand, speculators reduced the size of their deals, due to which the price of gold fell by Rs 100 to Rs 70,636 per 10 grams in futures trade on Friday. On the Multi Commodity Exchange, the price of the contract for delivery in the month of June fell by Rs 100 to Rs 70,636 per 10 grams. 17,808 lots were traded in this. Market analysts said gold futures prices fell due to weak global cues and profit-booking at higher levels.
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