retail There was pressure on gold prices on Tuesday due to decline in demand and strengthening of the dollar. Amidst this pressure, a fall in gold prices was recorded in the bullion market of Delhi today. However, this decline was very minor. On the other hand, silver prices remained stable.
Slight decline recorded in gold prices
According to local traders, on Tuesday, the price of gold of 99.9 percent purity fell marginally by Rs 200 to Rs 1,49,600 per 10 grams in Delhi’s bullion market. On Monday, its price closed at Rs 1,49,800 per 10 grams. However, silver prices remained steady at Rs 2,27,000 per kg for the second consecutive trading session. Local businessmen said that these prices of gold and silver also include all types of taxes.
Decline in demand for gold due to Pitru Paksha
“This latest fall in gold prices in the domestic market is due to weak global cues and weakness in retail demand during Pitru Paksha,” said Saumil Gandhi, Senior Analyst (Commodity), HDFC Securities. He said that during Pitru Paksha, people traditionally avoid buying auspicious things like gold, jewellery, property or other expensive items.
Slight rise in gold prices in international markets
On Tuesday, spot gold was trading marginally higher at $ 4,149.44 an ounce in the global markets, while silver remained stable at $ 61.01 an ounce. “In the overseas market, spot gold was trading higher at $4,151 an ounce as the US dollar and crude oil prices softened,” said Praveen Singh, head of commodities at Mirae Asset Sharekhan.
Gold prices will continue to take cues from the direction of crude oil and dollar.
Praveen Singh said that the price of gold will continue to take cues from the direction of crude oil and dollar. “Gold prices are expected to remain range-bound in the near term and may see a slight downward trend as risk appetite remains strong,” he said.
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