Silver and Gold Price: Amid the ongoing tension in the Gulf countries, the prices of gold and silver continue to fluctuate. While a fall in the prices of silver was recorded in the bullion market of Delhi on Monday, on the other hand a slight increase was seen in the prices of gold. Today the price of silver fell by Rs 3400 (1.3 percent) to Rs 2,68,300 per kg. According to All India Bullion Association, silver prices fell for the third consecutive day today. On Friday, the price of silver fell by Rs 600 and closed at Rs 2,71,700 per kg. Whereas, on Thursday last week, the price of silver fell by a huge Rs 27,700 (9.23 percent) and reached Rs 2,72,300 per kg. In this way, silver prices have fallen by Rs 31,700 in a span of 3 days.
Slight increase in gold prices
Meanwhile, today in Delhi’s bullion market, gold of 99.9 percent purity rose by a slight increase of Rs 200 to Rs 1,64,300 per 10 grams. According to the Bullion Association, last week on Friday the price of gold closed at Rs 1,64,100 per 10 grams with a fall of Rs 1100 (about 1 percent) and on Thursday it closed with a huge fall of Rs 7600 (4.4 percent) at Rs 1,65,200 per 10 grams. Globally, today spot gold was trading down by $65.23 or 1.26 per cent at $5105.89 an ounce, while silver was also trading at $83.92 an ounce, down 0.53 per cent.
What did experts say about the prices of gold and silver?
“Last week’s decline in silver was further exacerbated by concerns that inflationary pressure would resurface due to a sharp rise in crude oil prices,” said Saumil Gandhi, senior analyst at HDFC Securities. Higher fuel prices raise inflation fears, which could delay the pace of interest rate cuts by the Federal Reserve. He said this situation supported the dollar and bond yields, which put pressure on precious metals. “Gold is trading lower at $5097 an ounce as crude oil prices surged nearly 30 per cent overnight on supply concerns in West Asia,” said Praveen Singh, head of commodities and currency at Mirae Asset Sharekhan.
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