Gold falls Rs 200, Silver Rises Rs 500 : On Wednesday, a mixed trend was seen in the prices of gold and silver in the bullion market of the country. In the country’s capital Delhi, where the price of gold fell by Rs 200, a rise of Rs 500 per kg was seen in silver after three days of decline. On Wednesday, the price of gold in Delhi was Rs 79,100 per 10 grams and the rate of silver was Rs 92,000 per kilogram.
Latest update of gold and silver
According to All India Bullion Association, on Tuesday, gold closed at Rs 79,300 per 10 grams. At the same time, the price of gold of 99.5% purity also increased to Rs 78,700 per 10 grams, which was Rs 78,900 per 10 grams in the last trading session. Silver, which had seen a fall of up to Rs 5,500 per kg in the last three trading sessions, is now up by Rs 500 at Rs 92,000 per kg. On Tuesday it closed at Rs 91,500 per kg.
impact of international markets
HDFC Securities Senior Analyst Saumil Gandhi said, “Gold prices have come under pressure due to the strength of the US dollar and better than expected retail sales data in the US. The stability of the US economy and soft inflation data in recent months. “Indicates that the US Federal Reserve may decide to stop interest rate cuts during its January meeting. If this happens, it will be negative for gold.” In the global market, Comex Gold Futures rose 0.08% to US $ 2,664.10 an ounce in the Asian trading session. At the same time, the international price of silver remained stable at US $ 30.92 per ounce.
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Market eyes US Federal Reserve
Jatin Trivedi, Vice President (Research Analyst), LKP Securities, said, “Gold prices are currently trading in a range as the market awaits the policy announcement from the US Federal Reserve. The Federal Reserve will reduce interest rates by 0.25 basis points. “The market has already adjusted to the possibility of a point cut. However, the Fed’s statement and further guidance will determine the next trend in gold prices.” He further said that gold is stable around Rs 76,950 on Multi-Commodity Exchange (MCX). On the other hand, in March delivery contracts, silver fell marginally by Rs 45 to Rs 90,830 per kg.
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The focus will be on American data
Manav Modi, Commodity Research Analyst, Motilal Oswal Financial Services, said, “Gold and silver remain under pressure due to the strength of the US dollar, rise in treasury yields and mixed US economic data.” Modi said that investors will now keep an eye on macro-economic data related to American housing, GDP and inflation. Along with this, the decisions taken in the Federal Open Market Committee (FOMC) meeting regarding interest rates and the comments of Chairman Jerome Powell in the press conference after the meeting will also affect the prices of gold and silver as well as the dollar. There may be an impact.
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What will be the trend going forward?
Experts believe that the future policy of the Federal Reserve and the position of the US dollar will decide the future of gold and silver prices. Along with this, geo-political developments at the global level and investors’ perspective will also play an important role in this.
