Gold Rate Today: The price of gold in the Indian market remained stable at Rs 82,000 per 10 grams on Monday. It is believed that traders in the market are waiting for Donald Trump to take oath as the President of America. Last Friday, gold prices had increased by Rs 700 and reached a record level of Rs 82,000. At the same time, a fall of Rs 500 was seen in the price of silver on Monday.
Current condition of gold and silver market
According to All India Bullion Association, the price of gold remained stable in Delhi market on Monday. The price of gold of 99.5% purity was trading at Rs 81,600 per 10 grams. On October 31 last year, gold had reached a record level and touched Rs 82,400 per 10 grams. On the other hand, a decline was seen in the price of silver. On Monday, silver was trading at Rs 93,000 per kg, which is Rs 500 less than Friday’s Rs 93,500 per kg.
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impact of international market
A slight decline was recorded in the prices of gold at the international level also. The price of gold on Comex was trading at $ 2,746.30 an ounce. According to Kotak Securities, investors are being cautious before Donald Trump takes oath as President. Apart from this, due to the lower than expected increase in inflation rate in America recently, there is speculation about further reduction in interest rates by the Federal Reserve, due to which the appeal of gold has increased.
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What is the opinion of experts
Renisha Chainani, head of research at Augmont, said, “So far in January, gold prices have seen an increase of 3% and silver prices have increased by 7%. Demand for safe investments has increased due to political and economic uncertainties. Short term outlook The outlook for gold is positive, but this will require further rate cuts by the US Fed and weakness in the dollar.”
Praveen Singh, Associate Vice President (Fundamental Currencies and Commodities), Mirae Asset Sharekhan, said, “Gold prices are more likely to fall as the US economy is performing better. Slight decline in US CPI data Federal Reserve “Will not affect the monetary policy of India.”
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Fluctuations in the futures market
The price of gold for February delivery on Multi Commodity Exchange (MCX) fell by Rs 62 on Monday to Rs 78,961 per 10 grams. Similarly, the price of silver for March delivery was trading at Rs 91,400 per kg, down by Rs 202.
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How will be the market trend?
The market’s focus is currently on the swearing-in of Donald Trump and the next step of the Federal Reserve. Experts believe that if the US Fed continues to cut rates and the dollar weakens, the price of gold may strengthen. However, the trend of falling silver prices is likely to continue for now.
