Gold and Silver Price Today: Tuesday was a mixed day for the Indian bullion market. While the price of gold increased, the price of silver declined. In Delhi, the price of gold increased by Rs 70 per ten grams, while the price of silver decreased by Rs 400 per kg. International factors are being blamed for the change in the prices of precious metals.
Gold’s shine increased, silver’s price decreased
HDFC Securities research analyst Saumil Gandhi said that amid strong trend in the international market, the price of 10 gram spot gold (24 carat) in Delhi closed at Rs 72,550 per 10 gram on Tuesday, which is Rs 70 more than the previous close. In the last trading session, gold was at Rs 72,480. On the other hand, the price of silver fell by Rs 400 to Rs 91,500 per kg. Whereas in the previous session it was at Rs 91,900.
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How was the trend of precious metals in the international market
Talking about the international market, the price of one ounce spot gold in Comex is running at 2,324 US dollars, which is 6 dollars more than the previous closing price. On the other hand, the price of silver was trading softly at $ 29.40 per ounce. During the last session, it was at $ 29.47 per ounce.
What do experts say about the change in gold and silver prices
Saumil Gandhi said that there was a lack of demand in the market on Tuesday. Gold prices were trading in a limited range amid weak trend. He said that traders are eyeing broad data like US GDP (27 June), US Personal Consumption Expenditure Price Index to be released by the end of this week. These data may indicate when the US Central Bank Federal Reserve will decide to change the interest rate.
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According to Praveen Singh, Associate Vice President of Fundamental Currencies and Commodities, gold prices are expected to remain limited ahead of the US GDP and individual US Personal Consumption Expenditure Price Index (PCE) data. He said that the short-term trend for the market is slightly negative, but short covering is expected to start from Wednesday.