Gold Price: Gold became cheaper by Rs 100, silver price increased by Rs 180, what will be the trend of bullion market in future?

Gold and Silver Price Today: On Tuesday, gold prices fell and silver prices rose in the Indian bullion market. The price of gold fell by Rs 100 per 10 grams. At the same time, the price of silver increased by Rs 180 per kg. International factors are being blamed for this change. Experts believe that gold prices fell before the statement of the member of the US Central Bank Federal Reserve and the US inflation rate figures. At the same time, seeing the risk signals, investors invested in silver, due to which its prices rose on the domestic and global front.

Gold price decreased in Delhi, silver price increased

Amid weak trend in the international market, the price of gold fell by Rs 100 to Rs 73,310 per 10 grams in Delhi’s bullion market on Tuesday. While during the previous trading session, gold closed at Rs 73,410 per 10 grams. At the same time, the price of silver rose by Rs 180 to Rs 94,450 per kg, which closed at Rs 94,270 in the previous session. HDFC Securities research analyst Dilip Parmar said that the price of gold softened before the statement of the Federal Reserve member and the US inflation rate data. He said that amid the signs of risk, the demand for silver increased on the domestic and global front, due to which its prices saw a rise. Parmar said that silver is expected to perform better than gold in the near future.

Also read: After Modi became PM, these mutual fund schemes did wonders, returns up to 920%, industry grew 6 times

How was the trend in foreign markets

Talking about the international markets, one ounce spot gold was trading softly at 2,362 US dollars in Comex, which is 11 dollars less than the previous close. On the other hand, the price of silver was trading higher at 31.03 dollars per ounce. Whereas during the previous session it had closed at 30.93 dollars per ounce.

Why was there a softening in the price of gold?

Due to the new government and political upheaval in Iran, the US on Monday mentioned some progress in connection with the ceasefire talc, which has an impact on the metal. Manav Modi, Senior Analyst at Motilal Oswal Financial Services Ltd, said that any update from Israel and elsewhere will be important for the fluctuations in the prices of precious metals. Modi said that investors are eyeing the statement of Federal Reserve Chairman Jerome Powell and the key inflation rate data to be released during the week. In fact, these figures are expected to give indications of when the US Central Bank will cut interest rates.

Also read : Shares of life insurance companies will help you earn money; SBI Life, HDFC Life, LIC, where will you get more returns

Jatin Trivedi of LKP Securities has said that gold prices have seen volatility in the last two days, profit booking started after China stopped gold purchases for another month. At the same time, Prathamesh Mallya of Angel One believes that gold prices have fallen due to the pressure of a surge in equities and profit-taking after the recent rally driven by speculation of a possible US Federal Reserve interest rate cut in September. Mallya said that gold prices are likely to remain soft due to profit-taking, rise in equities and upcoming Federal Reserve Chairman statements and US inflation rate data.