Silver and Gold Rate: Amid the weak trend in the international market, there was a sharp fall in gold prices in the capital Delhi on Tuesday. According to All India Bullion Association, on Tuesday, the price of gold of 99.9 percent purity fell by Rs 1670 to Rs 1,31,530 per 10 grams in Delhi. Whereas, on Monday it increased by Rs 3040 to Rs 1,33,200 per 10 grams. While on one hand there was a huge fall in the prices of gold today, on the other hand there was a strong rise in the prices of silver. On Tuesday, silver prices rose for the sixth consecutive day.
Silver once again became costlier by Rs 4360 on Tuesday
According to All India Bullion Association, on Tuesday the price of silver in Delhi increased by Rs 4360 to Rs 1,81,360 per kg. According to the association, it had closed at Rs 1,77,000 per kg on Monday. On Monday, the price of silver increased by Rs 5800 to Rs 1,77,000 per kg.
Gold prices fell due to profit booking
“Gold prices fell on Tuesday as traders booked profits after prices hit multi-week high in the previous session, while traders turned cautious ahead of key US macro data later this week,” said Saumil Gandhi, Senior Analyst (Commodity), HDFC Securities.
American economic data created an environment of caution
Globally, today spot gold fell by $ 45.17 or 1.07 per cent to $ 4187 an ounce, while spot silver was trading at $ 56.97 an ounce, down 1.77 per cent. Kainat Chainwala of Kotak Securities said, “The latest US economic data has created a cautious environment. The Institute for Supply Management has reported that manufacturing has declined for the 9th consecutive month, due to which the pressure on the Fed to ease the policy has increased.
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