Gold, Silver Price Today: During the festive season, Friday was auspicious for the Indian bullion market. The prices of both gold and silver fell. The price of gold fell by Rs 1,150 per 10 grams. The price of silver also decreased by Rs 2,000 per kg. During the festive season, prices of precious metals fell due to weak demand in the domestic market and international factors.
Gold and silver prices fell in Delhi
According to All India Bullion Association, due to weak demand from jewelers and retailers, the price of gold in Delhi’s bullion market fell by Rs 1,150 to Rs 80,050 per 10 grams on Friday. Whereas in the last trading session it had closed at Rs 81,200. Meanwhile, the price of gold with 99.5 percent purity fell by Rs 350 to Rs 80,450 per 10 grams, whereas it had closed at Rs 80,800 on Thursday. At the same time, the price of silver also fell by Rs 2,000 to below Rs 1 lakh at Rs 99,000 per kg. Whereas during the last trading session on Thursday, silver had closed at Rs 1.01 lakh per kg. Traders said weak demand from jewelers and retailers in local markets and weak trend in overseas markets weighed on gold prices.
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What do experts say?
According to Pranav Mer, Vice President of JM Financial Services, the price of gold had crossed $ 2750 an ounce at the beginning of this week. They came down due to profit booking in subsequent trading sessions. Despite this, the price of gold is likely to close positively due to increase in demand for safe investment options and gold ETFs, uncertainty in the market due to the uncertain outcome of the US elections and indications of interest rate cut by the Federal Reserve. According to the charts, currently there is upward resistance in the movement of gold between Rs 78500 and Rs 78920. Whereas on the downside there is support at 77700. In such a situation, the price of gold shows short-term fluctuations, but the long-term outlook remains positive.
How was the trend in MCX?
In MCX, the price of contract gold for December delivery fell by Rs 127, or 0.16 percent, to Rs 78,200 per 10 grams. In this, 14,638 lots were traded. Meanwhile, the price of silver for December delivery fell by Rs 274, or 0.28 per cent, to Rs 96,758 per kg with a turnover of 23,528 lots. Analysts believe that due to weak global trend, the prices of precious metals fell.
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Trend of gold and silver in international market
In the international market, one ounce future gold on Comex was trading 0.15 per cent lower at 2,732.08. Globally, silver price was trading 0.39 percent down at US $ 33.55 an ounce.