gold and silver There has been a big decline in the price today. After record rise yesterday, gold and silver became cheaper on Friday. Let us tell you that on Friday, the price of gold in the national capital fell by Rs 875 to Rs 66,575 per 10 grams. In the last trade, the price of gold had closed at Rs 67,450 per 10 grams. The price of silver also fell by Rs 760 to Rs 76,990 per kg. The previous closing price of silver was Rs 77,750 per kg.
“Spot prices of gold (24 carat) in Delhi markets are trading at Rs 66,575 per 10 grams, which is Rs 875 lower than the previous day,” said Dilip Parmar, Research Analyst at HDFC Securities. In overseas markets, spot gold on Comex was trading at $2,167 an ounce, down $35 from the previous day’s level.
This is why gold became cheaper
In the international market Comex (commodity market), spot gold was trading at $ 2,167 an ounce, which is a decline of $ 35 from the previous closing price. Pranab Mer, Vice President, Research (Commodities & Currencies) at BlinkX and JM Financial said, “Gold prices are on the back of profit booking/long liquidations and sharp rise in dollar index after rate cut by Swiss National Bank, better than expected PMI and housing data. “Prices are down about two percent from their all-time high.”
Effect of profit booking also
Silver was also trading at $24.45 an ounce. In last trading it was at $25.51 an ounce. “There has been a technical correction (downtrend) in gold prices in the last two sessions, driven by a rise in the dollar index and profit-booking after a strong rally in March,” said Jatin Trivedi, vice-president, research analysis, LKP Securities. Despite this, the overall outlook for gold remains positive.
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