Gold Rate Today: Gold prices declined on Tuesday after seven consecutive days of rise. The price of gold in Delhi bullion market declined by Rs 200 to Rs 88,300 per 10 grams. Weakness in global markets and selling by stockists are considered to be the main reason behind this decline.
Silver prices also fall
Along with gold, there was a decline in silver prices. Silver came to Rs 96,600 per kg cheap Rs 900 per kg. On the Multi Commodity Exchange (MCX), a march delivery silver futures were recorded at Rs 1,030 or 1.08% to Rs 94,265 per kg.
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Gold trick on mcx
Gold futures fell by Rs 333 to Rs 85,483 per 10 grams for April delivery on MCX. However, during the day, the price of gold went up to a maximum level of Rs 86,360 per 10 grams. Jatin Trivedi, Vice President and Research Analyst (Commodity and Currency) of LKP Securities, said, “Gold was accelerated in the morning session as central banks continued to buy gold. However, this growth on MCX was limited due to strengthening of the rupee. And the prices returned to the level of Rs 85,450, causing the market volatility. “
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Gold and silver condition in international market
Gold prices were also soft in international markets. The April delivery gold futures on Comex (Comex) were trading at US $ 2,933.10 an ounce. However, during the day, gold also touched a new maximum level of US $ 2,968.39 an ounce. Silver prices also declined and it reached US $ 32.17 an ounce.
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What was the reason for the decline in gold
Experts believe that the market was seen to be unstable before the testimony of Zerome Powell, chairman of the Federal Reserve in the US, causing investors to take precautions. Apart from this, the data of the US Consumer Price Index (CPI) also seems to affect gold prices. According to Saumil Gandhi, Senior Analyst, Commodity of HDFC Securities, “Although some profits have been observed, gold prices are still over US $ 2,900. Gold is still over US $ 2,900. Stability is expected to remain. “
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What is the trend ahead?
Experts believe that gold prices may face pressure in short term, but from the long -term perspective, it is still expected to strengthen it. Prices may continue to fluctuate in the coming days due to the possibility of the US dollar index living around 108 and the US Federal Reserve. Investors should monitor the ups and downs in gold and consult experts before making any major decision.
