A sharp fall of Rs 6,000 was recorded in silver prices in the national capital Delhi on Wednesday, after which it came down to Rs 2,56,500 per kg. At the same time, gold prices also decreased by Rs 1,000 to Rs 1,60,300 per 10 grams. The main reasons behind this decline are considered to be recession in the domestic market and a wave of profit taking, this information was given by All India Bullion Association. Here, silver declined to Rs 2,56,500 per kg (including all taxes) from Tuesday’s closing level of Rs 2,62,500 per kg. This is a decline of 2.28 percent.
According to the news, gold (99.9% purity) fell from Rs 1,61,300 to Rs 1,60,300 per 10 grams (including all taxes). There has been a decrease of 0.62 percent in comparison to the previous session. Dilip Parmar, Senior Research Analyst, HDFC Securities, said the main reasons for the fall in gold prices were profit booking by traders and reduced physical demand.
international market trend
Spot silver: up 0.79% at USD 79.92 an ounce
Gold: down 0.32% to USD 4,989.65 per ounce
What do experts say?
According to Gaurav Garg, Research Analyst, Lemon Markets Desk, a mixed performance was seen in precious metals on Wednesday. Gold traded at around US$4,990 an ounce, while silver rose to US$79.70 an ounce. He said the main reason for the recent fluctuations is uncertainty among investors ahead of the upcoming policy meeting of the US Federal Reserve. Additionally, rising geopolitical tensions in West Asia and inflation concerns linked to higher oil prices are also keeping the market cautious. Investors are closely monitoring the results of this meeting, because the direction of interest rates can have a direct impact on the prices of gold and silver.
Latest Business News