Gold Silver Price Today: Tuesday was a day of softness in the Indian bullion market. Gold and silver prices fell from record highs. Due to profit booking and weak trend in the international market, the price of gold in Delhi declined by Rs 550 per 10 grams and the price of silver also fell by Rs 1,600 per kg. International factors are being held responsible for the fall in the prices of precious metals. Experts say that the statements of the US Central Bank Fed Reserve affected the price of gold. In a statement issued by the Federal Reserve, it was said that to bring the inflation rate back on target, interest rates will need to be kept at the current level for a long period.
Gold and silver prices fell in Delhi
HDFC Securities Senior Commodity Analyst Saumil Gandhi said that the price of spot gold (24 carat) per gram in Delhi was trading at Rs 74,650, which is Rs 550 less than the previous close. In the last session, gold had closed at Rs 75,200. At the same time, the price of silver also fell by Rs 1,600 to Rs 94,500 per kg, which had closed at Rs 96,100 in the previous session.
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Trend of precious metals in the international market
Talking about international markets, the price of one ounce spot gold in Comex was trading at US $ 2,420, which is US $ 22 less than the previous closing price. Whereas the price of silver was weak at $ 31.60 per ounce.
Due to profit booking, gold is trading slightly below its record high. Pranav Mer, Commodity Research Vice President, BlinkX and JM Financial Services, believes that the positive trend in gold prices is likely to remain intact. According to recently released data, the inflation rate in America has decreased and there are signs of slowdown in economic activities. In such a situation, there are less chances of the Central Bank Federal Reserve cutting interest rates soon. Experts believe that investors are eyeing the Federal Open Market Committee (FOMC) meeting to be held on Wednesday. In this meeting, more information related to the monetary policy meeting by the US Central Bank will be revealed.
