Gold and Silver Price: On Thursday, the price of silver in Delhi’s bullion market rose by Rs 1500 (0.54 percent) to Rs 2,76,500 per kg. Whereas, the ongoing rise in gold prices for 3 consecutive days stopped today. According to the information given by All India Bullion Association, today the price of gold of 99.9 percent purity in Delhi fell marginally by Rs 400 to Rs 1,65,200 per 10 grams. Let us tell you that on Wednesday the price of silver had fallen by Rs 4275 and closed at Rs 2.75 lakh per kg. Whereas, the price of gold increased by Rs 900 and closed at Rs 1,65,600 per 10 grams.
Gold becomes cheaper due to strengthening of dollar
Experts said gold and silver moved in the opposite direction as investors kept an eye on geopolitical developments and macroeconomic signals from the US. Gaurav Garg, Research Analyst at Lemon Markets, said gold prices were marginally lower, reflecting a slight decline amid a stronger dollar and persistent inflation concerns, while silver firmed up as traders reacted to potential buying opportunities amid geopolitical tensions related to the US-Iran situation.
Increase in spot gold and silver prices
Meanwhile, spot silver in the international market rose by $ 1.25 (1.47 percent) to $ 86.99 an ounce. On the other hand, gold also rose marginally to $ 5178.45 per ounce. Praveen Singh, Research Analyst, Mirae Asset Sharekhan said, “Spot gold is trading inversely to crude oil prices. Gold is trading in a small range of $ 5100-5250 an ounce.” He said Iran has warned that the world should be prepared for crude oil prices to rise to $ 200 per barrel if tensions increase in the Persian Gulf.
Latest Business News