On Tuesday, the price of gold in Delhi bullion market closed at Rs 71,600 per 10 grams with a rise of Rs 550. In the previous trading session, gold had closed at Rs 71,050 per 10 grams. According to the news of Bhasha, this trend in prices was seen due to strong demand from jewelers and strong trend in global markets. All India Sarafa Association said that on the other hand, the price of silver remained unchanged at Rs 84,500 per kg. In the previous session, silver had become cheaper by Rs 4500 per kg in a day.
Price of gold of 99.5 percent purity
According to the news, the price of 99.5 percent pure gold again rose to Rs 71,250 per ten grams. Its previous closing price was Rs 70,700 per 10 grams. Traders attributed the rise in gold prices to fresh demand from local jewelers and strong trend in international markets. Globally, gold is trading at $ 2,432.90 per ounce in Comex, up $ 7.40 per ounce from its previous closing price.
Market experts said that gold prices are stuck in a range ahead of the results of the policy meeting of the Bank of Japan and the US central bank. In the international market, silver rose 0.27 percent to $ 27.94 an ounce in Comex.
The demand for gold has decreased
HDFC Securities Senior Analyst (Commodities) Saumil Gandhi said the Federal Reserve is expected to keep interest rates steady on Wednesday, but all eyes will be on any indication of a rate cut in September. In a report on Tuesday, the World Gold Council (WGC) said India’s gold demand fell five per cent to 149.7 tonnes during the June 2024 quarter due to record high prices.
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