Gold and silver prices fell below record levels in the national capital on Thursday as investors took profits and demand for safe assets weakened. This information was given by All India Bullion Association. Gold (99.9% purity) closed at Rs 1,57,200 for 10 grams, down Rs 2,500 or 1.56% from the record high of Rs 1,59,700 hit in the previous session. Snapping its unprecedented nine-day high, silver closed at Rs 3,20,000 per kg, a fall of Rs 14,300 or 4.3% from the previous close of Rs 3,34,300.
expert opinion
Saumil Gandhi, Senior Analyst, HDFC Securities says gold and silver came down from record highs as demand for safe assets weakened and investors booked profits. Risk appetite in the market increased after US President Donald Trump withdrew the threat of tariffs on European countries and announced the Greenland Agreement Framework. Jatin Trivedi, VP Research Analyst, LKP Securities Despite expectations of a US-India trade deal, investors booked partial profits as geopolitical risk appetite eased in the domestic market.
global market situation
Gold fell 0.18% in the US market to $ 4,822.65 an ounce. Silver rose 0.27% to USD 93.36 an ounce, after hitting a record high of USD 95.89 on Tuesday. Praveen Singh, Mirae Asset Sharekhan says that softening of global bond yields put pressure on gold. However, reduction in geopolitical tension will provide support to gold. The possibility of increase in import duty in the upcoming budget may also support domestic prices.
Prices may remain volatile further
Aamir Makda, Choice Broking said that silver’s sharp decline shows that it is a fast-changing indicator of global risk. As the trade war premium ended, investors booked profits and returned to the stock market. Kainat Chenwala, Kotak Securities said gold and silver prices may remain volatile further as investors remain cautious on US inflation and Japan’s monetary policy decisions.
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