global market Gold on Thursday fell by Rs 1,050 to close at Rs 73,550 per 10 gram in the bullion market of the national capital amid a fall in the prices of precious metals. Gold continued to decline for the second consecutive day. In the previous trading session, gold had closed at Rs 74,600 per 10 gram. Along with this, the price of silver also fell by Rs 2,500 to close at Rs 92,600 per kg. In the previous trading session, it had closed at Rs 95,100 per kg.
Due to this there was a sharp decline in gold and silver
According to HDFC Securities, gold fell sharply after the details of the Federal Reserve meeting showed an aggressive stance. The details indicate that US Federal Reserve officials are in no hurry to cut interest rates. Saumil Gandhi, Senior Analyst-Commodity at HDFC Securities, said, “Taking bearish signals from foreign markets, spot gold prices (24 carats) in Delhi markets are trading down by Rs 1,050 at Rs 73,550 per 10 grams.
Decline in international market also
In the international market Comex (commodity market), spot gold was trading at $ 2,375 an ounce, which is $ 42 less than the previous closing price. The price of silver also declined and was trading at $ 30.80 an ounce. In the last trading session, the price of silver closed at $ 31.75 an ounce. Amid weak spot demand, speculators reduced the size of their deals, due to which the price of gold fell by Rs 731 to Rs 72,315 per 10 grams in futures trade on Thursday. On the Multi Commodity Exchange, the price of the contract for delivery in June fell by Rs 731 to Rs 72,315 per 10 grams. 7,956 lots were traded in this. Market analysts said gold futures prices fell due to weak global cues.
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