A decline of about 2% was recorded in the prices of precious metals in the country’s capital on Tuesday. During this period, silver came at ₹ 2.45 lakh per kg, while gold closed at ₹ 1.57 lakh per 10 grams. The reason for the decline is being said to be weak global signals and sluggish demand in the domestic market. Silver declined by ₹5,000, or 2%, to ₹2,45,000 per kg (including all taxes). Last Monday, the price was at the level of ₹ 2,50,000. Similarly, gold (99.9% purity) slipped by ₹2,200, or 1.4%, to ₹1,57,000 per 10 gram, compared to ₹1,59,200 per 10 gram in the previous session.
What do experts say?
Kaveri More, Commodity Analyst, Choice Broking says that gold and silver prices remained under pressure due to holidays in Asian markets and slow US inflation data. This has increased investors’ expectations of future interest rate cuts by the Federal Reserve. Praveen Singh, Head of Commodities, Mirai Asset Sharekhan, says gold prices fell for the second consecutive day as investors looked cautious ahead of Swiss-Iran talks.
Saumil Gandhi, Senior Analyst, HDFC Securities says that gold’s weak hold above the US $ 5,000 level increased selling pressure. Major buyers were absent due to the Lunar New Year holidays in China, which put downward pressure on the market.
How was the trend in the global market?
In the global market, the spot silver price was recorded at $ 74.96 an ounce, which is 2.15% weaker than the previous session. Similarly, spot gold was recorded at $ 4,938.70 an ounce, i.e. a decline of 1.04% compared to the previous session. Analysts say geopolitical events like US ADP employment report and Russia-Ukraine talks may impact investor sentiment and demand for safe assets in the coming days.
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