Gold and Silver Price Today: Tuesday was a day of slowdown for the Indian stock market. The prices of both gold and silver fell. The price of gold fell by Rs 1100 per ten grams, while the price of silver also fell by Rs 2,200 per kg. International factors are being blamed for this fall in the prices of precious metals. Experts say that the price of gold has softened due to the decrease in demand.
Gold and silver prices decreased in Delhi
Due to the decrease in demand, the price of gold in Delhi’s bullion market on Tuesday fell by Rs 1,100 to Rs 71,700 per 10 grams. Whereas in the last session gold was at Rs 72,800. Now the price of 99.5 percent pure gold has come down by Rs 1,100 to Rs 71,350 per 10 grams. On Monday, the price of gold of the same purity was Rs 72,450.
The price of silver continues to fall. On Tuesday, the price of silver slipped by Rs 2,200 to Rs 82,000 per kg from the level of Rs 84,200 in the last trading session. On August 2, the price of silver was Rs 86,000 per kg, after which its price has fallen by Rs 4,200 per kg in four sessions.
Also read: Amazon Sale: You can get a mobile worth Rs 16000 for Rs 10000, these budget phones are being sold on Amazon with huge discount
According to Dilip Parmar, research analyst at HDFC Securities, gold prices are expected to rise amid weakness in the rupee before the festive season and the possibility of increased demand in the domestic market. He believes that gold prices are expected to get support amid global uncertainty and the possibility of a cut in interest rate decisions by the US Central Bank.
How was the trend of gold and silver in the international market
Talking about the international market, the price of one ounce spot gold in Comex was trading at US $ 2,409, down by $ 20. The price of silver was also trading soft at $ 26.94 an ounce. Gold fell more than 1 percent on Monday. The rising economic concerns in the global, broader market and the selling due to Japan’s currency yen carry trade unwinding are being considered responsible for the softening of the price of the precious metal. However, geo-political tensions and expectations of interest rate cuts by the US Central Bank may see a rise in gold prices.
Also read: EPFO: Is Rs 35,000 basic salary sufficient for a retirement fund of Rs 2.5 crore? Check immediately with EPF calculator
Manav Modi of Motilal Oswal Financial Services said that the Bank of Japan had a low interest rate for more than 18 years and the sudden interest rate hike reduced the rate difference between Japan and the US, which affected the carry trade unwinding and increased pressure on major asset classes. At the same time, the weak dollar also supports the bullion market, as investors were expecting the US Central Bank to cut interest rates this time due to the recent weak US economic data. Apart from this, weak economic data from the US scared market participants and raised concerns that the US could slow down faster than initially expected.
