Gold Rate Today: After 8 consecutive days of rise in gold prices, a slight decline was seen on Monday. In the national capital Delhi, the price of gold fell by Rs 100 to Rs 83,000 per 10 grams. Weakness in the international market and the upcoming meeting of the US Federal Reserve (US Fed) are being considered as the major reasons behind this decline. At the same time, a huge fall of Rs 2,000 has been recorded in the price of silver.
Gold prices fall after 8 days of rise
The price of gold had increased by Rs 200 on Friday to reach a record high of Rs 83,100 per 10 grams. However, on Monday, the rate of gold of 99.9 percent purity fell by Rs 100 to Rs 83,000 per 10 grams. With this, the price of gold of 99.5 percent purity was recorded at Rs 82,600 per 10 grams. Earlier, the futures price of gold for February delivery on Multi Commodity Exchange (MCX) had reached a record level of Rs 80,312 per 10 grams on Friday, which fell marginally to Rs 80,022 per 10 grams on Monday.
Also read: Trump Impact on Budget 2025: Will Trump’s impact be visible on the country’s budget? What are the options before India?
US Federal Reserve meeting became the reason
Jatin Trivedi, Vice President and Research Analyst, LKP Securities, said, “Gold saw profit booking in the first session of this week. Comex Gold showed resistance near $2,770, but strong support remained at the level of $2,750. MCX Gold in the domestic market Also traded in a tight range, with the Rs 79,675 level remaining an important support ahead of the Federal Reserve meeting. Trivedi further said, “Fed’s policy announcement remains the main focus for the market. Gold may trade in a narrow range between ₹ 79,000 to ₹ 80,600 in the next few days.”
Also read: Big Return ETF: The power of investing in government companies! This fund of Nippon India turned Rs 1 lakh into Rs 4 lakh, 40% annual return on SIP
huge fall in silver
A sharp decline was also seen in the price of silver on Monday. The price of silver fell by Rs 2,000 to Rs 92,000 per kg. At the same time, the futures price of silver for March delivery on MCX fell by Rs 509 or 0.56 percent to Rs 91,090 per kg.
Also read: UPS Calculator: How much money will you get after 30 years of service, what do the rules and calculations of the Unified Pension Scheme tell you?
What was the condition of gold and silver in the global market?
A decline in the prices of gold and silver was also seen in the international market. Comex Gold Futures closed at $2,802.20 an ounce, down 0.16 percent. Comex Silver Futures fell 0.79 percent to $30.94 an ounce. HDFC Securities Senior Commodities Analyst Saumil Gandhi said, “The reason for the fall in gold prices on Monday was that investors booked profits after the recent rise. Gold has increased by more than 5 percent so far this month.”
Also read: Best Return Mutual Funds: Top 5 Multi Asset Allocation Funds, that is, strength amidst turmoil, yet returns are not low!
Impact of concerns on China’s economy
China’s weak manufacturing PMI (January) data has increased the pressure in the global market. Praveen Singh, Associate Vice President (Fundamental Currency and Commodities), Mirae Asset Sharekhan, said, “Rising concerns over China’s economy have affected the risk sentiment of investors. Additionally, risks related to US technology stocks and Chinese AI startups have also increased. “Are affecting the market.” The upcoming US Federal Reserve and European Central Bank interest rate policies can have a significant impact on gold prices. Analysts believe that trading in gold may continue in a limited range in the near future.