Gold and Silver Price Today: Monday was a mixed day for the Indian bullion market. While the price of gold increased, the price of silver decreased. The price of gold increased by Rs 250 per ten grams, while the price of silver fell by Rs 1,300 per kg. International factors are being considered responsible for this change in the prices of precious metals.
Gold became expensive in Delhi, silver price decreased
On Monday, the price of gold in Delhi’s bullion market rose by Rs 250 to Rs 72,800 per 10 grams. In the last trading session on Saturday, gold closed at Rs 72,550 per 10 grams.The price of silver continued to fall. Today the price of silver fell by Rs 1,300 and closed at Rs 84,200 per kg. Whereas in the previous trading session silver was at Rs 85,500 per kg.
The price of 99.5 percent pure gold rose by Rs 250 to Rs 72,450 per ten grams amid rising demand from jewelers. Whereas in the previous trading session its price was at Rs 72,200 per 10 grams.
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How was the trend in the international market
Talking about the international market, the price of one ounce spot gold in Comex was trading softly at $ 2,461.10 per ounce. At the same time, the price of silver was also trading weakly at $ 27.47 per ounce. Dilip Parmar, Research Analyst at HDFC Securities, says that Comex had a volatile session, in which there was a sharp decline, but later it improved, as traders anticipated heavy stock selling and increasing tensions in West Asia.
What will be the trend of bullion market in the coming days
Jatin Trivedi of LKP Securities believes that gold prices opened strongly in Comex and started around 2,440 US dollars per ounce and climbed to 2,455 dollars, taking the price of gold to Rs 70,500 in MCX. However, there was selling in gold due to uncertainty in Japan’s currency Yen and the Bank of Japan.Although rates are still high with US interest, gold faced resistance around Rs 70,500 on the recent rise.
Buying pressure may increase in gold prices amid the possibility of interest rate cut by the US Central Bank, especially when the recent economic data from America has not been as positive as expected. In such a situation, the price of gold is expected to remain between Rs 69,000 and Rs 71,000, uncertainty is expected in the coming sessions.
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Meanwhile, gold futures on the Multi Commodity Exchange (MCX) fell by Rs 309 or 0.44 per cent to Rs 69,480 per 10 grams. The most traded October contract of gold fell to an intraday low of Rs 69,453 per 10 grams. Apart from this, the silver contract for delivery in September on MCX fell by Rs 2,719 or 3.3 per cent to Rs 79,774 per kg.
