Gold, Silver Price Today: Tuesday was a mixed day for the Indian bullion market. While the price of gold softened, the price of silver saw a rise. Gold prices fell for the second consecutive day in Delhi. Gold fell by Rs 200 per ten grams. On the contrary, the price of silver increased by Rs 800 per kg. International reasons are being held responsible for the softening of gold prices. Whereas for silver, it is being said that due to increase in demand for metals in industries, its prices increased.
Gold and silver price in Delhi
In Delhi, the price of gold fell by Rs 200 to Rs 72,950 per 10 grams. Whereas in the last trading session, gold had closed at Rs 73,150 per 10 grams. Contrary to this trend, the price of silver increased by Rs 800 to Rs 86,000 per kg. Whereas in the last trading session, silver had closed at Rs 85,200 per kg.
Saumil Gandhi, Senior Commodity Analyst, HDFC Securities, says that gold prices fell further on Tuesday, as traders believe that the US economy is likely to decline due to persistent inflationary pressure, which will lead to the US Central Bank Federal Reserve. There may be hindrances in decisions to reduce interest rates this year.
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Price of precious metals in international market
Talking about the international market, the price of one ounce spot gold in Comex was trading at US $ 2,339, which is $ 8 less than the previous closing price. On the contrary, the price of silver was increasing at $ 28.35 per ounce whereas during the last trading session it was at $ 28.10 per ounce.
Regarding the fluctuations in the prices of gold and silver on Tuesday, Pranab Mer, Commodity Research Vice President of JM Financial Services Limited, said that after yesterday’s fall of 1.3 percent, the prices of gold are remaining in a range. The market is currently eyeing the upcoming US inflation data and the speech of the US Central Bank Fed Reserve Chairman. Both these activities will decide the future direction. It is also expected that there will be indications of interest rate cut in this. Due to increase in demand for silver in the industry, a jump was seen in the prices of silver.
