Gold, Silver Price Today: Monday was a day of softness in the Indian bullion market. A slippage was recorded in the prices of both gold and silver. The price of gold fell by Rs 100 per ten grams and the price of silver also fell by Rs 300 per kg. Experts have held international factors responsible for the softening of gold and silver prices.
Gold and silver prices decreased in Delhi
HDFC Securities Senior Commodities Analyst Saumil Gandhi said that the price of spot gold (24 carat) in Delhi was running at Rs 73,150 per 10 grams, which is Rs 100 less than the previous closing price. In the last trading session, gold had closed at Rs 73,250. At the same time, the price of silver also fell by Rs 300 to Rs 85,200 per kg. Whereas in the last close it was at Rs 85,500.
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Trend of precious metals in the international market
Talking about the foreign market, the price of one ounce spot gold in Comex was trading at US $ 2,347, which is US $ 13 less than the previous closing price. Similarly, the price of silver was also falling marginally at US $ 28.10 per ounce. Whereas during the last trading session it was at $28.14 per ounce.
What do experts say
Due to softening of gold prices, Jatin Trivedi of LKP Security says that the price of gold in Comex is below 2350 dollars, due to which the selling of gold is going on. There has also been a fall in the prices of gold in MCX, which have gone below Rs 72,000, this fall is more than Rs 700. A selloff of more than 1 percent has been seen in Comex Gold since Friday evening. Although the overall gold price trend is positive, upcoming US inflation data may make gold prices volatile. There has been no decline in the inflation rate in recent months, so if the inflation rate figure comes less than the estimated 3.3%, then it can provide strong support to gold prices.
Meanwhile, before the US inflation rate report, investors reduced their positions, due to which gold prices softened. Saumil Gandhi said that US Producer Price Index (PPI) and Consumer Price Index (CPI) data are to be released on Tuesday and Wednesday. These figures will be responsible for the prices of the precious metal in the coming days. A slight decline was seen in gold prices today due to profit booking i.e. profit booking and pressure due to the strong US dollar. By the end of this week, the focus has been on US inflation data and comments from Fed Chair Jerome Powell. About 65 to 67 percent interest rate cut is expected in the US Federal Reserve meeting in September.
Pranab Mer, Commodity Research Vice President of BlinkX and JM Financial, believes that the signs of reduction in inflation rate will make those bets go higher, but the higher reading gives hope of interest rate cut in the November meeting. Can be taken back.
