Gold Price Today: Gold became cheaper by Rs 70, silver price fell by Rs 250

Gold and Silver Price Today:Friday was a day of softness for the Indian bullion market. The price of gold fell by Rs 70 per ten grams, while the price of silver also fell by Rs 250 per kg. International prices are being blamed for this fall in the prices of precious metals. In fact, due to the rise in the US dollar and the strict stance of the US Central Bank Federal Reserve this week, there was a softening in the price of gold on Friday.

Gold and silver prices fell in Delhi

According to HDFC Securities, the price of 10 grams spot gold (24 carat) in Delhi markets is trading at Rs 72,080, which is Rs 70 less than the previous closing price. Whereas in the last trading session, gold closed at Rs 72,150. At the same time, the price of silver also fell by Rs 250 to Rs 90,700 per kg. Whereas on Thursday it closed at Rs 90,950 per kg.

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How was the situation in the international market?

Talking about international markets, the price of one ounce spot gold in Comex was trading at US $ 2,310 per ounce, which is US $ 3 less than the previous closing price. At the same time, the price of silver also slipped and was trading at US $ 29.05 per ounce. Whereas during the last trading session it was at US $ 29.30 per ounce.

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What do the experts say?

Experts believe that the price of gold is currently under pressure due to the aggressive stance of the Federal Reserve regarding interest rate decisions. Earlier, the US Central Bank had maintained the status quo on interest rates, but according to its latest decision, its comment on cutting interest rates in 2024 is sharp. The Federal Reserve’s stance of cutting interest rates from the previous three rate cuts to just one this year has led to a rise in the greenback and US Treasury yields, which has affected gold prices. They believe that retail gold demand from Asian countries is expected to remain strong this year amid geopolitical uncertainty.