Gold Rate Today: The price of gold in the Indian market has been recorded for the second consecutive day. On Tuesday, the price of 10 grams of gold fell by Rs 160 to Rs 82,840 in the country’s capital Delhi. Till last week, gold prices were continuously showing boom. But in the new week, it has seen a decline in both days. In such a situation, it is natural to arise the question that what is the reason for this decline?
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Gold price fall
According to the All India Bullion Association, gold with 99.9% purity fell by Rs 160 to Rs 82,840 per 10 grams, while gold with 99.5% purity closed at Rs 82,440. The price of gold on Monday was Rs 83,000. However, silver prices remained stable on Tuesday and remained at Rs 92,000 per kg.
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Dollar strength affects gold
Analysts say that gold prices have seen a decline due to strength of US dollar. Senior Analyst of HDFC Securities – Commodities, Soumil Gandhi said, “Dollar gained strength to its prominent colleagues, which increased the pressure on gold. Also, US President Donald Trump’s remarks of increasing the global tariff more than 2.5%. Also affected the market. “
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Waiting for Federal Reserve’s decision
The main reason for instability in the gold market is the meeting of the Federal Open Market Committee (FOMC) to be held this week. This meeting will take decisions regarding interest rates, which will play an important role in determining the direction of dollars and gold. Senior Research Analyst of Axis Securities – Commodities, Devay Gaglani said, “Apart from FOMC meeting, GDP data, consumer confidence reports, and jobless claim data can also bring fluctuations in gold prices this week.”
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Futures Market And global market Hall of
In the futures market, the price of gold contract for February delivery increased by Rs 327 or 0.41% to Rs 79,905 per 10 grams. VP Research Analyst of LKP Securities – Commodity and Currency, Jatin Trivedi said, “Due to the weak rupee, there was a positive attitude in gold on MCX. In the international market, Comex Gold gained strong support at $ 2,735, leading to its speed. ” In the international market, comex gold rose $ 10 an ounce or 0.36% to $ 2,776.20 an ounce. With this, comex silver increased by 0.48% and reached $ 30.56 an ounce.
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Investors should be cautious
The main reason for the fall in gold prices is the strength of the dollar and weak domestic demand. At the end of this week, the FOMC meeting and other economic figures may cause instability in the gold market. Experts believe that investors should be cautious amidst this instability.
