Gold, Silver Price Today: Tuesday was a mixed day for the Indian bullion market. There was a rise in the prices of gold while there was a decline in silver. On Tuesday, the price of gold increased by Rs 950 per 10 grams. Whereas the price of silver decreased by Rs 1,000 per kg. The increase in the price of gold is being attributed to the increased demand during the ongoing wedding season in the country. Apart from this, a two-day meeting of the US Central Federal Reserve is starting on Tuesday. The effect of the Federal Reserve’s decisions on interest rates can be seen on gold prices in the new year.
Gold becomes costlier in Delhi
In Delhi’s bullion market on Tuesday, the price of gold increased by Rs 950 to Rs 79,300 per 10 grams. Whereas in the last trading session on Monday it closed at Rs 78,350. During this period, the price of gold with 99.5 percent purity jumped by Rs 950 to Rs 78,900 per 10 grams, which was at Rs 77,950 in the last trading session. At the same time, the price of silver continued to fall for the third consecutive day and it fell by Rs 1,000 to Rs 91,500 per kg, whereas in the last trading session it was at Rs 92,500. Traders said that gold prices rose due to purchases by jewelers during the wedding season and increased demand for gold as a safe investment.
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In the Multi Commodity Exchange (MCX), the price of future gold for February delivery was trading at Rs 76,651 per 10 grams, down by Rs 410 or 0.53 per cent. The price of future silver for March delivery fell by Rs 851 or 0.93 per cent to Rs 90,332 per kg.
Due to this there was softness in the foreign market
Talking about international markets, the price of one ounce future gold in Comex was trading at $ 2,654.50, down by $ 15.50. The price of silver also fell by 0.99 percent to $ 30.75 an ounce.
Jatin Trivedi of LKP Securities said that softening of the prices of both gold and silver was seen in MCX and Comex. He told that a two-day meeting of the US Central Bank Federal Reserve is starting from Tuesday. There is uncertainty about the stance of the Central Bank on interest rates in this meeting, hence investors are cautious. In the coming days, interest rate decisions and economic data of the US Central Bank may affect the prices of precious metals.
Chintan Mehta, CEO of Abans Holdings, said that gold prices have remained stable due to increased uncertainty about future interest rate cuts due to mixed economic data in the US. Manufacturing PMI was weaker than expected, while services PMI was above forecasts.
